Crypto a ‘legit’ case of macro eco risks: MoS IT Chandrasekhar

economictimes.indiatimes.com:

NEW DELHI: Minister of State for IT and Electronics Rajeev Chandrasekhar on Tuesday said that cryptocurrency presents a “legitimate” case of macro economic risks, and there is a need for it to be regulated. “… it is a very legit case that crypto represents macro economic risks. It represents many other types of risks. FTX and other cases reaffirm that crypto is not business as usual and crypto is not innovation,” Chandrasekhar said while speaking at the Times Network’s India Digital Fest. The Minister said that countries and central banks around world are grappling with the problems around crypto “In India, crypto is not illegal if you buy them through legitimate channels of LRS (Liberalised Remittances Scheme) which are RBI approved dispensation on foreign exchange. It is your choice to lose money or make money, and the government does not get in the business of where you invest in and what you not invest in. But we certainly have the obligation to explain to the Indian citizens that you can’t exchange rupee for crypto… RBI is very clear on this… (and) we should respect their views on how they chart out the crypto course and crypto roadmap. They have said CBDC (central bank digital currency) is the route, and I have no problem with that. It is the best way to do that without creating any downside risk to the economy.”

Did you Know?

SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.

Speaking about the slowdown in