In a written reply to the Lok Sabha, Finance Minister Nirmala Sitharaman has clarified the government’s stance on crypto. He said that India is considering it but it needs global support for this.
The RBI has on several occasions recommended to create and ban cryptocurrencies in India. The government is also working for this, but nothing seems to be happening. Now the Union Finance Minister Nirmala Sitharaman has clarified the government’s stand by giving a written reply in the Lok Sabha.
Regarding crypto, he said that considering the impact of cryptocurrency on the financial and financial stability of the country, the RBI has recommended legislation on it. RBI wants cryptocurrency to be banned. However, the government believes that any regulation or ban needs to have global support.
Nirmala Sitharaman further added that legislation for any kind of regulation or ban will be effective only when there is global support for its risk and benefit assessment. Meanwhile, Sitharaman said that the G-20 countries should bring crypto into the global automatic exchange of information framework.
The Finance Minister’s comments come at a time when speculation is rife that the government may bring in a law to regulate and ban crypto. However, no such bill has been listed for introduction.