Nirmala Sitharaman (India’s finance minister) answered questions about crypto at a Monday press conference. She stated:
G20 is discussing India’s crypto issues. We believe international cooperation is necessary for technology-driven crypto asset creation, as well as the buying and selling of crypto assets.
The reason being that they can operate anywhere, including India, or they can operate in India and be operated elsewhere.
Sitharaman also discussed the issue of young Indians investing their pocket money in risky crypto assets in the hope of generating higher returns.
“In the concern about youngsters entering it, which you raised,” said Sheila. We have both national security deposit center and regulators who have done a lot more campaigning.
She explained that the campaign continues to alert people every now and again that this is a high-risk region and they should be aware. In January, Indian regulators launched an awareness campaign about crypto.
Finance minister said that the government wants to inform people about crypto and make them aware the risks involved.
The finance minister spoke out about the cryptocurrency bill, which the government has been working on since a while.
The bill is still under discussion. We will keep you informed of any updates.
Sitharaman revealed recently that India is holding in-depth discussions with members of G20 about crypto regulation so that a standard operating procedure (SOP) can been established. An official stated earlier this month that the government will implement crypto-related measures this year. The government has also imposed new tax penalties.