Crypto to Dominate India: Nirmala Sitharaman on G20 Presidency Event

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• India’s Minister of Finance Nirmala Sitharaman has recently spoken about the potential of cryptocurrencies in the country.
• She attended a roundtable discussion in Washington to discuss India’s future with regards to crypto and other related business opportunities.
• The Reserve Bank of India (RBI) expressed their desire to ban all cryptocurrencies, but Sitharaman believes they can be managed properly with a common framework.

India Sees Crypto Opportunities

India’s Minister of Finance Nirmala Sitharaman recently visited Washington and spoke about the potential of cryptocurrencies in the country. With many collapses and shocks happening within the world of digital currencies, she suggested that a common framework should be developed for all countries to manage them properly.

The RBI Position on Crypto

Shaktikanta Das – Governor of the Reserve Bank of India – stated that he doesn’t think crypto assets have any place in India, and wants them all gone no matter how important or big they may seem. Despite this position, he did express support for blockchain technology as something which should be encouraged.

Free Trade Agreements

During her roundtable discussion, Sitharaman commented on the faster rate at which free trade agreements are being signed nowadays – such as those with Australia, UAE, Mauritius and ASEAN – as well as extending quota-free and tariff-free regimes to least developed countries.

2018 Ban on Crypto Firms

In 2018, it was announced that traditional banks were not allowed to provide services or tools to blockchain or crypto firms – however this wasn’t an outright ban on cryptocurrency itself. This left many outlets misreporting what was really going on with digital currencies in the nation.

Crypto Domination?

Nirmala Sitharaman is confident that cryptocurrencies will take up much of the conversation during G20 presidency event this year when it comes around, so it looks like there could still be some hope for digital currency adoption in India despite efforts by RBI governor Shaktikanta Das trying to push them out completely.