Finance Minister Nirmala Sitharam come forward to tell that the Union Government is not against cryptocurrency regulation. Instead, the government is looking into various ways to help the country’s fintech sector. According to Sitharaman, cryptocurrency is a huge potential sector with a lot of global advances going on.
She added, “We can’t keep going as if this isn’t a problem. We’re not going to say no to cryptocurrencies. We’re implying that we’ll have to explore how this technology can assist fintech in realizing its full potential. But I’d like to collaborate with the RBI on how sophisticated regulation can be”. The finance minister also stated that the work was almost complete and that the cabinet needed to make a decision right away.
What are the speculations related to the cryptocurrency bill?
The proposed bill for cryptocurrency regulation narrowly left from its introduction during the Parliament’s Monsoon Session. According to the Lok Sabha Secretariat’s bulletin for the Budget Session; the main goal of the cryptocurrency bill will be to create the official digital currency issued by the Reserve Bank of India. The measure seeks to restrict all private cryptocurrencies in India. However, it would allow limited exclusions to encourage the underlying technology of cryptocurrency and its uses.
According to a survey by Analytics Insight, Indians had spent roughly $ 6.6 billion in cryptocurrencies through May 2021. This represents a 600% increase from $923 million in April 2020. It is estimated that around 1.5 crore Indians have invested in cryptocurrency. In the blockchain and cryptocurrency field, there are currently over 350 firms. Owing to the high level of investor interest and the quickly growing cryptocurrency industry. The government is taking a cautious approach to cryptocurrencies.
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