Indian Finance Minister Made a Cryptocurrency Statement

Indian Minister of Finance made a cryptocurrency statement. The minister said they cannot exclude cryptocurrency.

In India, which is one of the countries that approach cryptocurrencies negatively and discusses many regulations, including banning them, a positive statement came from a government official for Bitcoin and cryptocurrencies. Speaking about Bitcoin, Indian Finance Minister Nirmala Sitharaman stated that it is very difficult for them to take a step like El Salvador, but no one can exclude such a modern technology. The Finance Minister stated: "I would have thought that the standard group of people wouldn't care about digital currencies, but their people took to the streets for this technology. There is no question of literacy or understanding here. What needs to be discussed here is the level of transparency of money and whether it is a suitable money for everyone. This is not a place where you can say, "I don't care" about developments in the world. But are we ready to take the step that El Salvador has taken? We have to ask this. It is not possible to exclude all cryptocurrencies at once. I am sure that such futuristic technology cannot be excluded.'

"India Has the Power of Technology..."

Asked whether India will have its own central bank digital currency, Sitharaman said that the country should make a careful and calculated decision in this regard. Sitharaman said: "We have to develop a currency that fits our systems. India has the power of technology, we have fintech, and our economy is full of possibilities. So we have to be careful and think through." To recall, earlier this month, former central bank vice-president Gandhi said that in order for cryptocurrencies to be used for payments, they must be considered a commodity by law. In July, Rabi Sankar, the current vice-president of the central bank, noted that cryptocurrencies should definitely not be considered “money”.