Finance Minister of India Says Crypto Buyers Should “Exercise Caution”

According to a CNN-News18 story, India’s current finance minister, Nirmala Sitharaman, recommended citizens exercise caution when buying cryptocurrencies. Sitharaman has issued a warning that new legislation governing cryptocurrency is imminent. As stated in recent data from the United Nations Conference on Trade and Development, 7% of Indians possessed cryptocurrency. #Breaking | Sources: Finance Minister of India is Nirmala Sitharaman ask people to exercise caution on #crypto subscription. She says new law soon on #Cryptolaw soon. Listen in. #Cryptocurency @_pallavighosh shares details. Join the broadcast with @shilparathnam pic.twitter.com/WHmjBYDN52 — News18 (@CNNnews18) August 12, 2022 Indian Govt And Its Crypto Regulations The Reserve Bank of India (RBI) still had plans to outlaw cryptocurrencies completely. The central bank asserted that digital currencies threatened the independence of the financial ecosystem. The Finance Minister of India said that effective implementation of such a prohibition required international cooperation. The Indian government had planned to outright outlaw cryptocurrencies in November last year, but it decided against it. Local businesses are in a terrible situation as a result of the regulatory limbo that digital currencies currently experience. Cryptocurrency is still not accepted as legal tender in India. Strict tax regulations implemented earlier this year also posed a danger to the survi...