Indian Finance Minister Calls for International Cooperation on Cryptocurrency Regulation and Talks About An Awareness Program

Indian Finance Minister Nirmala Sitharaman

In order to regulate the cryptocurrency industry, Indian Finance Minister Nirmala Sitharaman has emphasized the significance of international cooperation. She also confirmed that the crypto awareness campaign launched by Indian regulators will continue to educate individuals about the dangers of investing in cryptocurrencies.

Cryptocurrency Regulation, Bill, and Awareness Campaign: Indian Finance Minister

During a press conference on Monday, India’s finance minister, Nirmala Sitharaman, addressed a few crypto-related inquiries. She stated,

In India, crypto is on the agenda of G20. This is because we think technology-driven crypto asset creation and buying and selling of assets in the crypto world will have to have international cooperation.

“The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added.

Sitharaman also talked about the problem of young Indians, especially students, investing their pocket money in risky crypto assets in the hope of getting more money back.

“We have both regulators and national security deposit centers that have also done a lot of campaigning on the matter of concern for youngsters entering it, which you raised. Additionally, this campaign continues periodically to inform the public that it is a high-risk area and that they ought to be aware of it,” she elaborated. In January, a crypto awareness campaign was launched by Indian regulators. The government’s goal, according to the finance minister, is to inform people about the risks associated with cryptocurrency.

The finance minister stated the following regarding the cryptocurrency bill that the government has been working on for some time:

With regard to the bill, discussion continues and when there is some update, we will let you know.

Sitharaman recently disclosed that India is in-depth discussing crypto regulation with G20 members in order to establish a standard operating protocol (SOP). The public authority intends to present measures around crypto this year, an authority said recently. In the meantime, new crypto tax penalties have been imposed by the government.