Indian Finance Minister: Crypto Ban, Regulation Effective Only With Significant International Collaboration
India’s finance minister has informed parliament that the central bank, the Reserve Bank of India , wants cryptocurrencies to be prohibited. However, she noted that “any legislation for regulation or for banning can be effective only after significant international collaboration.”Indian Finance Minister Nirmala Sitharaman answered some questions about cryptocurrency on Monday in Lok Sabha, the lower house of India’s parliament.
Parliament Member Thirumavalavan Thol asked the finance minister whether the Reserve Bank of India “has recommended for framing suitable legislation to restrict the flow of cryptocurrency in India” and whether “the government has any plan to legislate any law restricting the use of cryptocurrency in India.”
The finance minister replied: “In view of the concerns expressed by RBI on the destabilizing effect of cryptocurrencies on the monetary and fiscal stability of a country, RBI has recommended for framing of legislation on this sector.
Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.with the International Monetary Fund and the World Bank on crypto policies.
Do they still pay with goats in India? Or do they have a currency
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No they don't require any govt sticky fingers.
Actually, no. They are border less and they require zero regulation. Those who disagree with this position are seeking to gain control over them and squeeze them out of existence.
Arbitrage? No one can do that in crypto or you'll get banned
India really fighting crypto, following China example
Idea at international regulation destroys the basic notion of decentralization without an external regulator, especially considering that India has banned crypto when the whole world is looking for ways to implement, this statement looks like just an attempt to cast doubt🤨
A nothing burger Bitcoin to the moon 💥
Just ban all India nationals from using cryptocurrencies , end of the story
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Time to pull out other investments from India then..