India to take a considered view on crypto: Nirmala Sitharaman

economictimes.indiatimes.com:

Nirmala Sitharaman has said. «It has to take its time for all of us to be sure that at least, with the given available information, we are making a discerned decision. It can't be rushed,» Sitharaman said during an interaction with students and faculty at Stanford University in California. «There is impatience outside saying what are you doing about crypto… I understand the impatience but I'm sorry, that's how it is going to be,» she said.

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The minister clarified that the government is open to promote innovation and well-grounded progress made in the distributed ledger technologies, which are coming in the blockchain. «Our intention is in no way to hurt this (innovation around crypto)...but (we need to) define for ourselves.» Despite the positive aspects of the technology, there are concerns over its possible misuse for money laundering and terror financing, she said. Cryptocurrencies with all their positive contributions can also be manipulated towards not so desirable ends. «These are some of the concerns,» she said. Sitharaman, in her Union budget speech in February, had proposed a 30% levy on gains from transfer of virtual digital assets, which has been implemented from April 1. However, the government is yet to clarify its stance on whether cryptocurrencies would be regulated or banned. The government has maintained that imposition of the tax did not mean giving these assets recognition and that they would be dealt with separately after intensive consultations. The Reserve Bank of India has expressed serious concerns about cryptocurrencies. Sitharaman, at a separate event in the US, said the government and the RBI were looking at several