Indian finance minister Nirmala Sitharaman said at Stanford University on Wednesday that regulating cryptocurrency will take time to ensure the government takes a careful approach.
“We recognize that there is a lot of potential and already well-grounded progress”
“made in the distributed ledger technologies,”
So, Sitharaman says
As a result, she continued, the government does not seek to “harm” these inventions or “argue that we don’t need it.”
However, cryptocurrencies can be used for illegal purposes such as money laundering and terrorism financing.
Of course, which is why the government needs more time to figure out “how their growth should be fostered and how we would handle them,”
That’s, according to Sitharaman.
“There is impatience in the outside world saying, ‘What are you doing about crypto?’”
” I can understand impatience, but I’m sorry, that’s how it’s going to be,”
So, Sitharaman adds
Regulation “will have to take its time” to ensure the government makes a “considered judgment” based on available data, she added, adding that “it can’t be rushed through.”
Last year, India’s cryptocurrency bill, which sought to outlaw all private coins. Of course, on the schedule for the winter parliamentary session but never made it to the floor.
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