Nirmala Sitharaman News

During the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s presidency, the members were invited to discuss key financial stability and regulatory priorities, among other policy approaches. India urged member nations to build and understand the macro-financial implications of crypto assets and recommended formulating a coordinated global policy.

VDA industry. In this context, a few recent initiatives have sparked important discussions and created waves of positivity within the VDA community. On various occasions, finance minister Nirmala Sitharaman expressed her intention to arrive at a global standard operating procedure for regulating crypto assets at her upcoming G20 meeting.

Nirmala Sitharaman on Monday said crypto assets and web3 sectors require significant international collaboration for effective implementation of domestic legislations. She said these are relatively new and still evolving sectors, with no specific regulations. «By definition, these sectors are borderless and require significant international collaboration for any specific legislation on these sectors to be fully effective,» Sitharaman said in a written reply in the Lok Sabha. The minister was replying to a question by DMK MP T Sumathy on whether the government has prepared any future roadmap to regulate virtual digital assets / cryptos/web3 sectors in the country. In reply to a separate question, Minister of State for Finance Pankaj Chaudhary said the government is engaging with G-20 countries to build international coordination on regulating crypto assets.

India is in dialogue with G20 members about the need for a crypto standard operating protocol (SoP), confirmed the Indian Finance Minister Nirmala Sitharaman when asked about broad crypto asset regulation.

Indian authorities once again demonstrated their tough stance on cryptocurrencies with a preemptive ban on crypto advertising and sponsorships in the local women’s cricket league. 

Finance Minister Nirmala Sitharaman has said the government should not underestimate the ability of the taxpayer to make decisions on saving and consumption, with the new income tax regime giving them more freedom to choose.

India’s Finance Minister, Nirmala Sitharaman, stated that regulation “cannot be done” by a single country, it requires “collective action,” in a recent television interview.

Finance Minister Nirmala Sitharaman on February 3 said she will be looking at arriving at a global SOP (standard operating procedure) for regulating crypto assets in her upcoming G20 meeting with finance ministers and central bank governors in a much-needed clarity on the way forward for the crypto sector.

Cryptocurrency and blockchain technology found no mention in India’s union budget for the year 2023, bringing down the hopes of millions of crypto holders in the country. Many in the Indian crypto community were hoping for some reduction to the high crypto tax, implemented in March 2022.

Central Bank Digital Currency or CBDCs have captured the imagination of central banks around the world. Recently, the Reserve Bank of India (RBI) launched the pilot 'digital rupee' project and reports suggest that it may further expand the project "based on the learnings from the current pilot."

Ms Sitharaman's comments on blockchain technology usage by banks in India

Crypto investors in India expect a more friendly tax regime for digital assets and parity with other assets and regulations when finance minister Nirmala Sitharaman tables the budget for FY24 in less than two months.

Cryptocurrency markets worldwide have been battered with billions of dollars being wiped out but India managed to stay relatively unscathed thanks to a cautious approach of the government and the RBI.

NEW DELHI—Top U.S. and Indian officials pledged to deepen their economic relationship during a series of meetings on Friday, as the two countries seek to overcome differences over Russia and work together to counter China’s manufacturing dominance.

India’s Finance Minister Nirmala Sitharaman said she would love to show that the country is “moving speedily forward” with digital financial technology as it prepares to assume the presidency of the G20.

The Reserve Bank of India (RBI) is on track to debut the central bank digital currency (CBDC) after announcing the digital rupee project in February this year.

The step was signposted in the 2022-23 budget announced by finance minister Nirmala Sitharaman earlier this year.

Major cryptocurrencies were trading in the green early on October 17 as the global crypto market cap increased by 0.44 per cent to $920.87 billion over the last day. The total crypto market volume over the last 24 hours is $1.82 million, a decrease of 99.93 per cent.

The finance minister of India, Nirmala Sitharaman, revealed India’s plan to develop standard operating procedures (SOPs) for cryptocurrencies during its G20 presidency, from Dec. 1, 2022, to Nov. 30, 2023.

India is aiming at developing standard operating procedures for cryptocurrency during its G20 presidency next year, Finance Minister Nirmala Sitharaman has said, underlining that all countries want the technology to survive but not be misutilised.

The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC).