Indian Minister Says No Issue With Crypto if Laws Are Followed
Rajeev Chandrasekhar, India's Minister of Information Technology, has said crypto would face no issue within the country if related laws are followed.
Speaking at an event in the southern city of Bengaluru, Chandrasekhar said there is "nothing today that outlaws crypto as long as you follow the legal process." The remarks come just days after the country's central bank advised investors to stay away from crypto.
The Reserve Bank of India (RBI) has long maintained a harsh stance toward digital assets, arguing that the nascent asset class has no underlying value. The central bank has constantly warned investors and the government against crypto, citing volatility as well as risks of fraud and scams.
Just last week, India’s central bank governor Shaktikanta Das said cryptocurrencies don't have any intrinsic value and their perceived “value is nothing but make-believe." He said cryptos are not even worth a tulip, alluding to the well-known Dutch tulip mania blow-up in the early part of the past century.
"Every asset, every financial product has to have some underlying (value) but in the case of crypto there is no underlying… not even a tulip…and the increase in the market price of cryptos, is based on make-believe."
India, which currently holds the G20 presidency, also plans to use this opportunity to coordinate global crypto regulation. As reported, India’s federal economic affairs secretary Ajay Seth said in December last year that the G20 countries will study the implications of cryptocurrencies for the economy, monetary policy, and the banking sector in order to inform a policy consensus.
On the other hand, the country's central bank has been a supporter of Central Bank Digital Currencies (CBDCs), calling them "the future of
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