Indian Finance Minister Nirmala Sitharaman has emphasized the importance of international cooperation in regulating the crypto industry. In a press conference on Monday, Sitharaman confirmed that Indian regulators will continue to conduct cryptocurrency awareness campaigns to remind people of the risks of investing in cryptocurrencies.
India’s finance minister addressed a number of issues in a press conference, including the government’s efforts to regulate cryptocurrencies and the risks involved in investing in the industry. She emphasized that international cooperation is key to regulating the crypto industry, given that crypto assets can be bought and sold globally.
“In India, cryptocurrencies are on the agenda of the G20. This is because we believe that technology-driven creation of crypto assets and buying and selling of assets in the crypto world will require international cooperation,” she said.
Sitharaman also expressed concerns about young Indians, especially students, investing their pocket money in risky crypto assets in hopes of reaping high returns. She noted that since January, India’s regulators and the National Center for Security Deposits have been running a crypto awareness campaign to draw attention to the risks involved in crypto investing.
“On the issue you mentioned of young people getting into it, we have the regulators and the National Security Deposit Center, which also do a lot of campaigning. The campaign continues from time to time, reminding people that this is a high-risk area and they should Realize that,” she said.
India’s finance minister also touched on the ongoing cryptocurrency bill, stating that discussions are still ongoing and updates will be provided as soon as they become available. According to an official statement released earlier this month, the government plans to introduce measures related to cryptocurrencies this year.
Sitharaman revealed that India is currently conducting detailed discussions with G20 members on the regulation of cryptocurrencies and will establish a standard operating protocol (SOP). The SOP will enable countries to share information and jointly regulate the crypto industry.
The Indian government recently implemented new crypto tax penalties to regulate the crypto market. Fines range from 2% to 5% of the transaction value, depending on the type of cryptocurrency involved.
Sitharaman emphasized the importance of international cooperation in regulating the crypto industry and highlighted the government’s ongoing efforts to educate people about the risks involved in crypto investing. With the introduction of new crypto tax penalties and ongoing discussions on the cryptocurrency bill, the Indian government is taking steps to regulate the crypto market and protect investors.
