India will introduce measures around crypto this year, says government official
India can and will definitely introduce “measures around crypto” this year, says Ajay Seth, India’s economic affairs secretary, during a post-budget press conference in Mumbai on Saturday And will introduce a concrete regulator for that. The local media received him saying that according to him the technology of blockchain and other similar crypto assets can be used but if we look at the financial sector, there are many risks of its use and of course There can be risks and the official elaborated that crypto assets are certainly technically beneficial but their benefits are not directly visible in the financial sectors. He further adds that during this year definitely and definitely the measures around crypto currency will be brought out and presented. The Economic Affairs Secretary says that no one in India is talking about using crypto currency as a currency and favors using it as a token as a risk. That is, if we go to the bottom of it, according to the Economic Secretary, there is no discussion in India regarding the use of crypto currency, rather he is dependent on seeing it as a token and a deal in 2019. Who unveiled the crypto bill as well as it was introduced it was never brought in the parliament nor was it asked in the parliament.
If we talk, we know that in the coming time, India will discuss the crypto law with G20 countries and talk about it in a comprehensive way and also see how the cases are resolved in it. To be sure, Finance Minister Nirmala Sitaraman reportedly said on Friday during a post-budget interview with Network 18 Group that she would look into the purpose of regulating crypto assets in their upcoming meeting and operations on it. Will focus on developing a global standard operating procedure as well as implementing it. The first meeting of G-20 finance ministers and central bank governors under the chairmanship of India is scheduled to be held in Bengaluru, India on 24 and 25 February and it is a historic meeting which will be attended by representatives of many countries including superpowers. . The Finance Minister further said that we will prepare a global s.o.p. with all consents to be used and available to regulate crypto assets by recognizing the central bank as the authority to issue crypto currency. Must be watching.
Of course the finance minister goes on to say that the rest of the assets have been created outside that are using very useful financial technology and even those should be discussed because regulation is not done by a single country nor is it It is possible to be implemented by any one country because we can definitely see it as a collective action and action should be taken only through a collective or collective success. With this, during his budget speech last week, the Finance Minister had said that technology does not seem to know any boundaries and certainly did not use or name crypto currency during his budget speech. While he did say that this year’s Finance Bill will also include or include new types of tax related to cryptos deducted at TDS. This year’s Economic Survey 2023 highlights the need for a common approach to regulate the crypto ecosystem and ensures that no one is conclusive on this. India’s central bank RBI has certainly been a staunch critic of the currency from the very beginning and with this we can say that Governor Shaktikanta Das has repeatedly reiterated that he has absolutely no hopes from crypto currency and all Countries should implement a complete permanent ban on this. He warned that the economy can definitely be harmed by cryptocurrency and with its use we can definitely say that we can go towards a global recession and if crypto currency is allowed in India Bank of India will give its watch over the transactions as well as its control then the system will tear apart the entire financial system and fatal consequences will be there to see. Further, the Indian governor also warned that we should ban it because there is no definite value present and if we always do it, we can avoid the coming crisis and put it to some extent and that’s why Meanwhile, the central bank has already launched its pilot test of its own central bank digital currency, which is very popular in the market and has been launched in some metro cities.
