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A concerted effort will have to be made for the regulation of cryptocurrencies, the reason is constantly changing technology: Sitharaman

Finance Minister Nirmala Sitharaman said on Friday that there is a need for a collective effort to regulate cryptocurrencies. Because technology is constantly changing.

Finance Minister Nirmala Sitharaman said on Friday that there is a need for a collective effort to regulate cryptocurrencies. (File Pic)

Union Finance Minister Nirmala Sitharaman on Friday said that there is a need for a collective effort to regulate cryptocurrencies. Because technology is constantly changing. He said that regulations, both executive and legal, are changing with technology. They can never be completely accurate because technology is constantly changing.

The Finance Minister said this during a panel discussion on Fintech for an Inclusive Growth Across the Glog during the Infinity event. The Finance Minister said that in order to regulate it, a collective effort will have to be made on this. Indonesia’s Finance Minister Mulyani Indrawati and Malaysia’s Finance Minister Tengku Zafrul Aziz were also part of this panel. The panel was conducted by Bibek Debroy, chairman of the Prime Minister’s Economic Advisory Council.

What did the Finance Minister say in the Rajya Sabha?

Replying to a question related to cryptocurrencies in the Rajya Sabha on Thursday, Sitharaman had said that it is a risky area and does not have a complete regulatory framework. He had said that no decision has been taken to ban its advertisements. Steps have been taken to spread awareness through RBI and SEBI. The government will introduce the bill soon.

Sitharaman had said that the government is going to introduce a bill regarding cryptocurrencies soon. The Finance Minister had told the Parliament that the regulation regarding cryptocurrencies has been discussed in detail. Said that there are ASCIs here, which control the advertisements. He said that all its rules are being looked at, so that they can decide what can be done on advertisements. He told in Parliament that the government would soon bring the bill after passing the bill from the cabinet. It was not brought last time because there were other things that had to be seen. Rapidly many things have come up in this matter. The Finance Minister said that the purpose was to improve the bill.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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