Breaking: India’s Finance Minister Answers Crypto Regulation, Adani Queries

India is in discussion with other G20 nations to plan a common regulatory framework for crypto regulation, Indian Finance Minister Nirmala Sitharaman said during a press conference after a meeting today, February 11.

Union Finance Minister Nirmala Sitharaman attended the Central Board of Directors meeting of the Reserve Bank of India (RBI) after the Union Budget 2023-24. Reserve Bank of India Governor Shaktikanta Das addressed concerns about recession and the global economic outlook. He said the “global economy is not that grim.”

“Crypto involves a lot of technology, it’s 99% technology. We are talking to all countries if all the countries can achieve a standard operating procedure that will be effective while following a regulatory framework. It’s under discussion with G20 nations,” said Nirmala Sitharaman.

In the Union Budget 2023-24, the Finance Minister did not announce any new measures on crypto taxation or regulations. The crypto community was expecting relief from a 30% crypto tax and 1% TDS in India. India-based crypto exchanges urge the government to reduce the tax burden and TDS to 0.1%.

Crypto Community Criticized Adani Situation

Furthermore, Finance Minister Nirmala Sitharaman asserts that Indian regulators are aware of the concerns regarding the Adani Group. Many believe the government is punishing the crypto community in India for investor protection reasons and failing to protect investors from companies like Adani.

“India’s regulators are very experienced and they are experts in their domain. Regulators are very seized of this matter. They are on their toes as always, not just now. So I will leave it there,” said Nirmala Sitharaman.

The move comes after Hindenburg Research in its report accused Adani Group of accounting fraud and stock manipulation. It has become a global event as Gautam Adani became the third-richest person in the world quickly in the last few years and has even been criticized by the global crypto community.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.