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Work on cryptocurrency regulation is nearly finished: FM Sitharaman

The Union Government is not opposed to cryptocurrencies, according to Finance Minister Nirmala Sitharam, and would instead look for methods to boost the country’s fintech sector.

The Interview

Sitharaman stated in an interview with The Economic Times that bitcoin is a huge potential sector with many global advancements.

She revealed this to the press:

“We can’t keep going as if this isn’t a problem. We’re not going to say no to cryptocurrencies. We’re implying that we’ll have to examine how this technology can assist fintech in realising its full potential. But I’d want to collaborate with the RBI on how sophisticated regulation can be.”

The finance minister also stated that the work is almost complete and that the cabinet needed to decide right away.

Privarisation of Air India

When asked about the privatisation of BPCL and Air India, Sitharaman expressed optimism that it will finish by the end of 2021.

She explained:

“When the government relinquishes control, there is a lot more due pending diligence. There’s also the utterly unglamorous backroom work. You will likely get the impression that nothing is occurring. The intricacies of what happens behind the scenes, on the other hand, are unglamorous yet essential. “

Attracting Firms To Relocate

Sitharaman said affirmatively when asked if the LIC IPO is on schedule. She went on to say that time will reveal the specifics of the on-sale stake. In the wake of China’s anti-technology campaign, India’s Finance Minister states that the country is in a good position to attract firms wanting to relocate.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.