India will take a considered view on cryptocurrencies, according to FM Nirmala Sitharaman

YEREVAN (CoinChapter.com) – India’s anti-crypto Finance Minister Nirmala Sitharaman has made new comments about her stance on digital assets. Voicing concerns once again about the possible misuse of cryptocurrencies, Sitharaman claimed India will take a considerate decision on regulation around the virtual currency.

In an interaction at Stanford University, Sitharaman stated the Indian Government will not rush any decision. 

“It will have to take its time…all of us to be sure that at least with a given available information, we’re taking the decern decision. It can’t be rushed through,” 

she said.

The ministry had earlier expressed concerns that criminals can manipulate cryptocurrencies for money laundering or terrorism financing activities. During her fireside chat with the students and faculty at Standford, she once again raised similar concerns. According to her, India is not the only country with such concerns. She claimed other countries also raise them on global, multilateral platforms.

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Nirmala Sitharaman’s double standards on cryptocurrencies

Nirmala Sitharaman’s attempt to underplay the damage her Government has done to the crypto ecosystem in India did not go unnoticed. Despite her ministry’s crackdown on cryptocurrencies, she desperately tried to paint a different picture. 

“Our intention is in no way to hurt this (innovation around crypto)…but (we need to) define for ourselves…,” 

Sitharaman claimed.

Sitharaman levied a 30% tax on all gains from cryptocurrency transactions. Hence, it is a bit rich on her part to say she is not in favor of rushed decisions. Sathvik Vishwanath Co-Founder and CEO of the Indian crypto exchange Unocoin also pointed out his bizarre contradiction. Hitting back at the foreign minister, Vishwanath asked why she didn’t apply the same logic while pushing for a high tax. 

Finance Minister Nirmala Sitharaman does not understand what she wants from cryptocurrencies. The concern that people will use cryptocurrencies to fund terrorism flies out of the window once the Government makes money through taxes. 

While she enjoys her foreign tour giving speeches, the cryptocurrency industry back home faces the consequences of her decisions. The upcoming launch of Central Bank Digital Currency (CBDC) by the Reserve Bank of India does not justify her actions either.