Finance Minister Nirmala Sitharaman said that India will take a thoughtful decision regarding the regulation of this digital currency. He said in a conversation during an event at Stanford University that the decision on crypto will not be taken in haste. “We have to ensure that the appropriate decision is taken on the basis of whatever information is available,” Sitharaman said. It cannot be hasty. it will take time.”
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The minister clarified that the government is fully prepared to innovate and push forward technology related to ‘blockchain’. He added that cryptocurrencies can also be manipulated for money laundering or terrorist financing. The Finance Minister said that these are some of the concerns. These concerns are not only of India but of many countries of the world. This has also been discussed in various forums. Notably, India is planning to introduce a central bank-backed digital currency (CBDC). Sitharaman had announced in her budget speech on February 1 that the Reserve Bank of India would issue a digital rupee or CBDC in 2022-23.
What did the Finance Minister say on the merger of HDFC and HDFC Ltd?
On the merger of HDFC Ltd and HDFC Bank, Sitharaman said it is a good move as India needs many big banks to meet the growing infrastructure needs. When asked about the lack of accurate information about the number of people who died of COVID infection, he said that the figures given by the Central Government were received from the states. Sitharaman said that the total figures were revised after changes in the figures of the state governments. Some people died at homes due to the infection, which was later updated by the states.