FM on Cryptocurrency: Finance Minister Nirmala Sitharaman has given a big statement on cryptocurrency after a long time. In response to a question in Parliament, he told that the preparation of a Standard Operating Protocol to regulate crypto mining is under consideration. For this, India has taken G20 member countries along. Responding to a question on crypto mining regulation in the Lok Sabha during Question Hour, he said, “India under the chairmanship of G20 is taking up this issue, holding detailed discussions with the members, so that after discussion in G20 a standard operating protocol can be adopted.” should emerge, in which there should be a coherent and comprehensive approach to bring some regulation, whether it is mining or whether it is trading.’
One country’s effort will not be effective
Sitharaman also said that crypto is largely unregulated in India, whether it is mining or whether it is an asset or whether it is a transaction. “We believe that it is a technology driven effort and one country’s attempt to control or regulate it will not work,” he said. Now a consensus is being formed. That is why we are raising this issue in the G20 and having detailed discussions with the members.
‘Completely looking into it’
He said that a standard operating protocol should emerge after the discussions in the G-20 so that a consistent, comprehensive, all countries can work together. There should be some kind of approach to bring regulation in it, be it mining or transaction. The Finance Minister said that all this is being looked into comprehensively, as technology knows no boundaries.
Finance Minister Nirmala Sitharaman was replying to a question by DMK MP T. Sumathi. He wanted to know how the government is planning to regulate crypto mining in India to meet the environment.
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