Soon Crypto Regulations Will Be Imposed: FM Nirmala Sitharaman

Sitharaman told reporters that the study on cryptocurrency regulation is nearly complete and that the cabinet needed to make a decision quickly.

Nirmala Sitharaman
Finance Minister of India, Nirmala Sitharaman

It has been reported that the Indian government is not opposed to cryptocurrencies and would instead look into ways it may benefit the country’s fintech sector, according to Finance Minister Nirmala Sitharaman.

Sitharaman stated in an interview with The Economic Times that cryptocurrency is a huge potential field with a lot of global advances.

“We cannot be moving ahead as if this doesn’t exist. We are not saying no to cryptocurrency. We are saying we will have to see how this technology can help fintech to maximise the potential it has. But how sophisticated regulation can be is something which I want to work with the RBI,”— TOld In the interview

The finance minister also stated that the work was virtually finished and that the cabinet needed to make a decision right away.

Crypto Investors and enthusiasts are mixed up in between. Some are confused about regulations, some wants regulations and some didn’t.

A user compared crypto market with stock market and posted his opinion.

Another user said that the crypto regulations are not so promising.

While everyone seems to be confused, A user directly thrashes Nirmala Sitharaman that she doesn’t know anything about regulations.

Meanwhile a great achievement awaits India as India ranked 2nd in the world to adapt cryptocurrency.

According to the 2021 Global Crypto Adoption Index published by blockchain data company Chainalysis, India is only second to Vietnam in terms of cryptocurrency adoption.

Since the third quarter of 2019, global cryptocurrency adoption has increased by over 2,300 percent, and by over 881 percent in the previous year.

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