Indian finance minister says global crypto framework should keep bad actors away

The Indian finance minister shared her stance on the needed global crypto regulatory framework for the crypto industry.

India is a tech-friendly country and at present time crypto trading is allowed with the provision of a 30% tax on every income generated on crypto transactions. Reportedly crypto bill of India is under development by the department of the Finance Ministry of India but still, the majority of the government officials are not in favor to pass statement that India will bring a crypto regulatory framework.

During the discussion at “Money at a Crossroad” of the International Monetary Fund (IMF) and the World Bank in Washington, Nirmala Sitharaman, finance minister of India, shared her stance on the type of global regulatory framework, which is required for the crypto industry. 

The Hon’ble Minister said that a global crypto regulatory framework should be made to filter out the bad actors from this industry. Through her statement, Minister tried to say that the regulatory framework should have the potential to keep the unfair use of cryptocurrencies like terrorist funding or illicit activities. 

She also said that the regulatory system should be based on technology and also that technology should be at the top of this crypto industry. 

“I think regulation using technology is the only answer. Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it. And that’s not possible. If any one country thinks that it can handle it. It has to be across the board.”

Minister also raised concerns related to the unhosted crypto wallets, which can be used to transfer funds globally without any knowledge of the agency of any country.

Earlier, in the past, Minister Nirmala never passed statements on the Crypto regulatory framework. However, she responded against the unfair 30% crypto tax bill and said that people are looking to make money from a crypto investments and the Indian government sees the future to make money from crypto investments.

Read also: Govt should have potential to control cryptos, says IMF