India will adopt a careful look at crypto currency: Minister of Finance Nirmala Sitharaman

6.India will adopt a careful look at cryptocurrency Minister of Finance Nirmala Sitharaman

India will not run into any decision on crypto currency. It will take a considered view, says Nirmala Sitharaman. It requires time. With the available information, we are making a contrasting decision.

There should not be rushed, said Sitharaman while interacting with students and staff at Stanford University in California. She clarified that the Indian government is open to promoting innovation and progress in distributed register technologies in the block chain.

Apart from positive aspects of the technology, there are concerns over its probable misuse for money laundering and terror financing. Apart from crypto currencies’ valuable contributions, it can be manipulated in unfavorable ways. There is some economic circumstance, she noted. The Reserve Bank of India (RBI) has shown concern about crypto currencies.

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