India will take Decision on crypto Regulation Says Nirmala Sitharaman

Indian Finance Minister Nirmala Sitharaman states that the country's crypto policy will not be rushed. "Out intention is no way to hurt the ecosystem, or to even say that we don't need it"

India's finance minister, Nirmala Sitharaman, discussed cryptocurrency regulation Wednesday at a fireside chat organized by Standford University School of Medicine.

Nirmala Sitharaman said that India will not rush to finalize the country's crypto policy, and also will take an informed judgment after due considerations across multilateral fora.

Sitharaman admitted that blockchain technology has the possibility to improve India's economy. "Blockchain is full of potential not just in the payments arena but also in many others."

"Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it, but to define for ourselves how we need them and in what ways their growth should be facilitated and how we are going to handle it."

The finance minister also highlighted that "it also can be manipulated for not so desirable ends whether it is money laundering or leading to financing terror"

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