While interacting with the students and staff at Stanford University, Indian Finance Minister Nirmala Sitharaman said that India will take a considered view on crypto legislation while flagging concerns over the misuse of crypto.
According to the Economic Times report, the FM noted “It has to take its time for all of us to be sure that at least with the given available information, we’re taking the discerned decision. It can’t be rushed through.”
Nirmala Sitharaman added “There is impatience outside saying what are you doing about crypto… I understand the impatience but I’m sorry, that’s how it is going to be.”
The finance minister also emphasized that the government is willing to support innovation and well-founded advancements in distributed ledger technology which are coming in the blockchain.
“Our intention is in no way to hurt this (innovation around crypto)…but (we need to) define for ourselves,” she added.
Last week while speaking at an IMF event, the FM said that the biggest risk of cryptocurrency is that it will be used for money laundering and terror financing, further adding that regulation using technology is the only answer against these concerns.
In February, the Indian FM proposed a 30% tax on profits from the transfer of virtual digital assets in her Union budget speech, which went into effect from April 1st.
The Indian government has insisted that imposing the tax does not imply acknowledgment of these assets, and that they will be dealt with separately following extensive consultations.
