PTI Nirmala Sitharaman 1200 Cryptocurrency in India: The government is taking a cautious approach

Cryptocurrency in India: The government is taking a cautious approach

PTI Nirmala Sitharaman 1200 Cryptocurrency in India: The government is taking a cautious approach
Cryptocurrency in India: The government is taking a cautious approach 3

India is taking a cautious approach to regulating cryptocurrency, with Finance Minister Nirmala Sitharaman saying that the government needs to take its time to make sure it is making the right decision.

Cryptocurrency is a potential tool for money laundering and terror financing, Sitharaman said, and so the government needs to be sure that it is not rushing into a decision that could have negative consequences.

The government is open to promoting innovation around cryptocurrency and blockchain technology, Sitharaman said, but it needs to define what its role will be in the space.

India is planning to launch its own central bankbacked digital currency, the digital rupee, in the coming fiscal year. Sitharaman said that the government will levy a 30 percent tax on gains made from other private digital assets from April 1.

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