India has ‘concerns’
While Sitharaman thinks the technology behind cryptocurrencies is very beneficial, it added that it could be used for several other purposes, and this is what worries the Indian authorities. “We all need to take our time to be sure that at least, with the information available, we are making an informed decision. It can’t be rushed,” Sitharaman said during an interaction with students and faculty at Stanford University in California.
“There’s impatience out there saying what you’re doing about crypto…I understand the impatience, but I’m sorry, that’s how it’s going to be,” he said. she declared. “Our intention is in no way to harm this (crypto innovation)… but (we have to) define for ourselves.”
Recently, Kripteu Magazine has seen the imposition of a heavy tax on cryptocurrency trading and investing in the country, which has caused trading volumes to decline across all exchanges, noted CoinDCX CEOa popular cryptocurrency exchange in India.
Plans to introduce CBDC in 2023
On February 1, 2022, Sitharaman said in his Union Budget Speech that India could see the arrival of Central Bank Digital Currency (CBDC) by the end of the fiscal year in 2023. As previously reported by Kripteu Magazine, the Reserve Bank of India (RBI) is currently focusing on two areas for the deployment of CBDCs: wholesale on account and retail. On the other hand, other countries are also exploring CBDCs according to our data.