India to take a considered view on cryptocurrency
Considering cryptocurrencies can be widely misused, India will take a considerate decision on regulation around it without hurting innovation, Finance Minister Nirmala Sitharaman conveyed during an interaction at Stanford University.
"It will have to take its time...all of us to be sure that at least with a given available information, we're taking the decern decision. It can't be rushed through," FM Sitharaman said pointing out that in absence of proper regulation cryptocurrencies can also be manipulated for money laundering or terror financing. India is planning to introduce central bank-backed digital currency or Central Bank Digital Currency (CBDC). Announcing the same in her budget speech, the finance minister had said, “The digital rupee or CBDC would be issued by the RBI in the coming fiscal year."
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