FM Nirmala Sitharaman says that the official cryptocurrency committee has done a good job

Indian Finance Minister Nirmala Sitharaman may have just dashed the hopes of the Indian crypto community. In an interview with Economic Times, she stated that the Inter-Ministerial Committee led by former Economic Affairs Secretary Subhash Chandra Garg has done a good job of the report. The report, which was officially released last week, recommended a blanket ban on cryptocurrencies and the launch of a digital rupee.

I had the presentation done before me. The committee has done extensive work on it. Inputs that have come in; if I compare several other countries where this kind of study has been done on cryptocurrencies, we have done very well. They have gone much ahead of all other countries that have thought about it. It’s a very futuristic and well-thought out report. I have not spent time on it after the presentation. Of course, we will look into it soon and come back with a position. That was also reported in court as there is a case going on.”

Indian Finance Minister Nirmala Sitharaman to Economic Times

We had pointed out earlier that the report contains glaring errors, which any one from the cryptocurrency industry points out. The fact that our FM Nirmala Sitharaman has said that the report is futuristic and well-thought out only confirms the amount of misinformation spread among our regulators.

Last week, we had tweeted about a recent speech on cryptocurrencies by BJP MP Shivkumar Udasi in the Lok Sabha. His speech confirms that our regulators have a lot of catching up to do on the cryptocurrency industry. You can watch his speech below:

Notably though, he responded to an Indian crypto community member’s tweet and stated that he is open to hearing inputs on the matter. Despite the official stand, the willingness to listen to the community must indeed be applauded and is the right way to engage with this nascent industry.

(Image Credit: File Photo | Wikimedia Commons

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