India Will Not Rush Into Any Decision On Crypto, Says Finance Minister Nirmala Sitharaman

Signalling a longer wait for crypto enthusiasts to gain clarity on India's cloudy crypto future, Finance Minister Nirmala Sitharaman has said, "India will not rush into any decision on cryptocurrencies and will take a well-considered view."

She was recently interacting with students and faculty at Stanford University in California, U.S.

"It has to take its time for all of us to be sure that at least, with the given available information, we are making a discerned decision. It can't be rushed," Sitharaman further said, as per a report in ET. The free-wheeling conversation at Stanford covered a variety of topics, including crypto.

Earlier in the day, the Finance Minister held an engaging and lively interaction with a group of students studying at @Stanford. The free-wheeling conversation covered a variety of topics. https://t.co/UW0G68Ec7u pic.twitter.com/4UdVDEkzXk

¡ª Ministry of Finance (@FinMinIndia) April 26, 2022

India's Finance Minister also said "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 clarified that the government is open to promoting innovation and well-grounded progress made in the distributed ledger technologies, which are coming in the blockchain. She stated, "Our intention is in no way to hurt this (innovation around crypto)...but (we need to) define for ourselves."

FM Sitharaman further said, ¡°Despite the positive aspects of the technology, there are concerns over its possible misuse for money laundering and terror financing¡±.

Cryptocurrencies with all their positive contributions can also be manipulated toward not so desirable ends. "These are some of the concerns," she added.

Quick To Tax It

These latest statements come after a string of harsh announcements surrounding crypto in India since the Budget 2022 speech. While the 30% tax on crypto is already effective since April 1 2022, the 1% TDS will come into effect from July 1st 2022.

As per ET, the government has maintained that imposition of the tax did not mean giving these assets recognition and that they would be dealt with separately after intensive consultations.

On the other hand, India¡¯s central bank RBI has for long been vocal about concerns surrounding crypto, and even stated that it favours a ban on it.

Also Read: Crypto-assets Can Increase Financial Inclusion, Says Infosys' Nandan Nilekani

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