The Indian Finance Minister, Nirmala Sitharaman noted that to regulate a borderless body like crypto, global authorities need to come together and find common ground. During a discussion today at an event organised by Infinity Forum, about how India should regulate virtual currencies, Sitharaman highlighted that “technology has the power to sweep through borders”, henceforth, mere national measures will never be enough if regulators across the world aim to centralise the decentralized industry.
“Even as we are thinking at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology. So whether it is your cryptocurrency, whether it is your technology-driven payment system, whether it is data privacy, whether it is ensuring that data itself is used ethically, regulating it will have to be a collective effort…All of us also recognise technology respects no physical border. Technology has the power to sweep through borders. It means global action is the only way in which you can regulate it effectively”, said Sitharaman.
She emphasised on the ever-evolving nature of crypto, claiming that while both, the executive and legislative are still struggling to catch up on this kind of technology, getting ahead appears to be an impossible plan. Sitharaman said, “I am not sure they (government) can ever be on-the-top-of-it-kind of situation because it is ever changing and it is ever evolving.”
Therefore, following this constantly evolving nature of crypto, Sitharaman mentioned that the regulatory framework will also evolve with it, without waiting for the legislative approval regarding every other regulatory change to catch up with technological advancements.
Crypto will Not be Banned in India
Previous evening, the confirmation that the Indian authorities are only looking to regulate crypto, without aiming for an outright ban kept the crypto community on social media awake till sunrise. Since the snapshot of the Indian crypto bill was leaked, the market had been in upheaval with speculations of an absolute ban on all private cryptocurrencies.
However, according to CoinGape’s exclusive reportage, crypto will not be legal tender in India and the legislation will now refer to it as, ‘crypto assets’ instead of cryptocurrency. However, the ray of hope came with the announcement of regulations over ban. Furthermore, crypto assets will be regulated by the Securities Exchange Board of India (SEBI).