Indian Finance Minister Nirmala Sitharaman stated that India is currently in discussions with other G20 countries to create a common regulatory framework for crypto regulation. This was disclosed during a press conference following a meeting on February 11.
After the Union Budget 2023-24, Nirmala Sitharaman, Union Finance Minister, attended the Central Board of Directors meeting of Reserve Bank of India (RBI). Shaktikanta Das, Governor of the Reserve Bank of India, addressed concerns about the global economic outlook and recession. He stated that the “global economic outlook is not so grim.”

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“Crypto is a complex technology. It’s 99% technology. We are open to discussing with all countries if they can agree on a standard operating procedure that is both efficient and compliant with a regulatory framework. It is currently under discussion with G20 countries,” said Nirmala SItharaman.

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The Union Budget 2023-24 did not include any new measures or regulations regarding crypto taxation. The crypto community expected relief from India’s 30% crypto tax and India’s 1% TDS. India-based crypto exchanges call on the government to reduce India’s tax burden and TDS down to 0.1%.

Nirmala Sitharaman, the Finance Minister, asserts that Indian regulators are aware about the concerns surrounding the Adani Group. Many believe that the government is punishing India’s crypto community for investor protection and failing to protect Adani investors.
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“India’s regulators have a lot of experience and are experts in their field. This is a matter that regulators are very concerned about. They are always on their toes, not just right now. So I will leave it at that,” said Nirmala Sitharaman.

This is after Hindenburg Research’s report had accused Adani Group accounting fraud and stock manipulation. It has become a worldwide phenomenon as Gautam Adani, the third-richest person on the planet, has become the third in a matter of years. This has been criticized even by the global crypto community.
Also read: FTX News: Maxine Waters, US Rep, urges Sam Bankman-Fried to hold a hearing

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