Finance Minister Nirmala Sitharaman reiterated the government’s clear stance on cryptocurrency assets during a session at the India Today Conclave 2024. She emphasized that cryptocurrency assets cannot be considered currencies, stating, “Its position has always been this, that assets created in the name of crypto can be assets for trading, assets for money making and assets for many other things.”
In response to a question about the government’s reassessment of its position on cryptocurrencies amid recent surges, Sitharaman stated, “We haven’t regulated them then, and we haven’t regulated them now. But they cannot be currencies and that’s the Government of India’s position.”
Highlighting the need for regulation, Sitharaman explained, “Currencies are to be issued with a fiat of the government or the central bank of the day. And it is still unregulated in India.” She emphasized the importance of addressing cryptocurrency regulation at the global level, as unregulated cryptocurrencies can facilitate illicit activities such as money laundering and terrorism financing.
Other Economic Perspectives
Beyond cryptocurrency, Sitharaman discussed various aspects of the Indian economy. Addressing concerns about shrinking consumer spending and lower household savings, she outlined government efforts to boost small savings through better interest rates. Additionally, she noted the increasing trend of Indian retail investors directly entering the stock market, reflecting a shift in investment behavior.
Regarding recent cuts in LPG and fuel prices, Sitharaman clarified that these measures aim to assist the public and are not politically motivated, dismissing opposition claims. She also addressed speculations regarding the connection between probe agency raids and electoral bonds, urging caution against assumptions.
