India Crypto Bill: Crypto Regulation Will Take Time, "Can't Be Rushed Through": Sitharaman

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Crypto regulation will take time, "can't be rushed through": Sitharaman

Flagging concerns over likely misuse of crypto, Finance Minister Nirmala Sitharaman has said India would take a thoughtful decision on regulation around the virtual currency.

The decision on crypto will not be rushed through, she said in an interaction at Stanford University.

"It will have to take its time...all of us to be sure that at least with a given available information, we're taking the decern decision. It can't be rushed through," she said.

The minister clarified that the government is open to promoting innovation and well-grounded progress in distributed ledger technologies, which are coming in the blockchain.

"So, our intention is in no way to hurt this (innovation around crypto)...but (we need to) define for ourselves...," she said.

The minister noted that cryptocurrencies could also be manipulated for money laundering or terror financing.

So, these are some of the concerns, not just India, but many countries have and are also discussed in global, multilateral platforms, she added.

India plans to introduce central bank-backed digital currency or Central Bank Digital Currency (CBDC).Ms Sitharaman, in her Budget speech on February 1, had announced that the RBI would issue the digital rupee or CBDC in the coming fiscal year.

She had also announced that the government would levy a 30 per cent tax on gains made from any other private digital assets from April 1.

Speaking about CBDC, Reserve Bank of India Deputy Governor T Rabi Sankar said a nuanced and calibrated approach is essential for the launch of India's maiden digital currency as it would have various implications for the economy and monetary policy.

He said that essential learning does not come