The Indian Minister of Finance, Nirmala Sitharaman talked on cryptocurrency and stablecoins when asked on Facebook’s Libra at an IMF and World Bank meet. The Governor of RBI also addressed the subject at the conference.
The annual meeting took place on Oct. 14, through Sunday, Oct. 20 during the annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (IMF) in Washington.
Indian Finance Minister on Crypto
According to a news report from PTI when the finance minister was asked on Facebook Libra’s cryptocurrency project, she responded:
“On our side, the Reserve Bank governor spoke about it during our turn to intervene,” while adding “I got the sense that many countries were cautioning on rushing into this.”
“Some of them (countries) of course even suggested that they shouldn’t be using, all of us shouldn’t be using the name stable currency because that’s the expression they used,” Sitharaman was further quoted by PTI as saying.
“Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind.” The finance minister added:
“Countries will have to show extreme caution much before anything is said or moved on this.”
“In fact, this morning some of the presentations were also highlighting the strengths of such virtual currency. But equally everyone without fail spoke about the challenges together with talking about it as a necessary step forward.”
She continued. “So everyone was stepping cautiously on it.”
Indian Regulations on Cryptos
The government of India is currently at a consideration regarding cryptocurrency policies in the country.
The Government of India is still deliberating on a draft bill submitted by an interministerial committee (IMC) in February. The bill seeks to ban all cryptocurrencies except state-issued ones, was made public on July 23. However, the Indian crypto community believes that the bill is flawed and has been campaigning to convince lawmakers to reexamine the IMC recommendations.
On October 15 the Supreme Court of India was scheduled to resume hearing the arguments against the banking restrictions by the RBI. However, it got postponed to 19th November. Only one Indian lawmaker favors on the crypto community.
Meanwhile, the Indian crypto community is actively campaigning #IndiaWantsCrypto movement. The movement has spread across India in multiple cities with over 15,000 supporters calling out Indian government officials on social media and spreading mass awareness on the importance of cryptocurrencies in India.
*This news has been sourced from a wire agency feed with additional feeds from cryptonewspoint.
Source: ptinews.com | Image Source: Getty Images