India will update cryptocurrency regulations
Jayant Sinha, who is the chairman of India's parliamentary Standing Committee on Finance, explained that India's cryptocurrency policy will not follow the US, Japan or El Salvador. India cannot adopt the cryptocurrency policy of such advanced economies because it is not yet ready for it.
“Our solution will have to be separate and unique simply because of our unique circumstances. We need to balance stability and growth, but we understand how important this whole area of cryptocurrency is. "
Jayant Sinha also drew attention to the essence of security in the use of cryptocurrencies. “We have to be very careful about what is happening with these cryptocurrencies and cryptocurrencies. The use of these kinds of cryptographic instruments to finance terrorism and threats to internal security is something we must bear in mind. "
The Central Bank of India plans to present the digital rupee model by the end of 2021