India Financial Minister Attacks Cryptocurrency Over Money Laundering And Irregularities

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On Monday, Nirmala Sithraman, the Finance Minister of India maintained her strict stance over cryptocurrency in the country as she emphasized it during a speech at an IMF gathering in Washington D.C.

Finance Minister Suggests Crypto To Be Regulated

The finance minister backlashes digital assets because they are highly volatile, prone to robbery and tends to be easily exploited to finance terrorists, hence there is a need for a general regulation framework for crypto all over the world. She further spoke in disapproval over the use of CBDC over other digital assets. She voiced her comments not long after the country had initially enacted a 30% tax on all crypto transaction profit which was aimed at discouraging crypto investors from trading.

While at the International Monetary Fund gathering in Washington D.C. the panel was having a discussion on the “Money at a Crossroad.” During the discussion, the Indian Finance Minister raised her view to the house over the mismanagement of crypto assets. She further stressed that the assets are being used to finance terrorists, carryout money embezzlement and likes due to its lack of regulations.

She continued that using decentralized wallets to make international transactions is highly risky and needs to be tamed by globally supported regulations. She added that if central banks can issue their central bank digital currencies on time, it would be a better alternative for international transactions.

Furthermore, she said that the world’s traditional model of payment is getting weaker and slower and  Blockchain technology is the correct answer to the issue, however, if blockchain technology is not regulated, it will do more harm than good to the world at large. She added that it is not possible for a country to single handedly tame the inflation beasts, it must be a collective effort of the whole nations on earth.

Concluding her speech, she said that the rate at which crypto adoption in India is increasing daily is quite alarming. According to statistics, out of a group of 4 fintech startups,1 would be massively involved in cryptocurrencies to the extent that there are about 20 blockchain-based fintech companies in about 2 to 3 years.

The panelists that presided over the gathering on monday were: the MD at IMF, Kristalina Georgieva, the president of CB of Brazil, Roberto Campos Neto and the MD of the Monetary Authority of Singapore, Ravi Menon.  

India Tax Law Cause Crypto Trade Volume To Fall

Earlier in April, many cryptocurrency exchanges allowed crypto users to make buy orders via the Reserved Bank of India’s UPI. However, the regulators announced that they are not in support of any crypto exchange using the UPI mode of payment. Consequently, many crypto exchanges excluded the use of the UPI payment option from their platforms.

The regulators’ denial coupled with the ridiculous 30% tax deduction on every crypto profit  resulted in the shard downtrend of digital trading volumes in April.s


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