Indians have seen a future in crypto, therefore I see a possibility of revenue in it, says Finance Minister

The Indian finance minister seems not interested in circulating the crypto & blockchain industry, instead, she is looking to make the country strong financially through generating revenue from the crypto industry. On the question of crypto regulation, the minister refused to comment on the ban or regulation.

During the global forum even of India, Hon’ble Nirmala Sitharaman, Finance Minister of India, shared her stance on the central bank Digital Currency (CBDCs) and said that she believes that it will bring enhancements to the payment system of India not only for businesses but also for Central Bank to facilitate high amounts payments to other countries.

“In this day and age, bulk payments happening between countries, large transactions between institutions, large transactions between central banks themselves of each country are all better enabled with a digital currency. Therefore we think the RBI would be looking to see how best they can come out with it.”

Ashish Singhal, CEO of Indian crypto exchange Coinswitch, reportedly asked a question whether she have seen a future in crypto. Then in reply Hon’ble minister replied with a laugh that citizens have seen the future so she have seen an opportunity to generate revenue from this industry.

“Many Indians have seen a future in crypto, therefore I see a possibility of revenue in it.”

On the question of crypto regulation, Minister said that they will first confirm whether Cryptocurrencies are not going outside laws and after that they will consider banning or regulating.

“After the consultation process gets duly completed, the ministry would sit in and probably mull over it, which is required because we need the executive to be sure that we are not crossing any legal requirement.”

So the minister indirectly refused to comment whether India is going toward crypto regulation or not.

In the present time Indian crypto community is under hurdle, whether it should fight against Goverment for its unfair & unclear crypto tax provisions or it should keep calm and wait for regulation framework and then do something against unfair rules.

Read also: Thailand crypto traders will get 7% exemption on crypto tax