'Crypto' can not be currencies in India says FM

Hello Friends,

Good day to you all and I hope this weekend is going well for you.

Cryptocurrencies are growing worldwide and it is also getting tough time in different countries. What I'm trying to say is that the adoption of crypto is growing and many projects are getting launched. This is good for the global crypto community because more people are getting on board but at the same time, some countries are not favourable for the cryptocurrencies. If I talk about India things are completely different where the government is following a different approach. Crypto has got better position in countries like the UAE and many others where the government is supporting Crypto. In India, it is just the opposite where the government is not supporting crypto but they are also expecting revenue through the crypto industry.

source freepik

Recently in a news conclave Indian Finance Minister Nirmala Sitharaman shared a statement about Crypto. In India, crypto cannot be considered as currency and this is what has been conveyed by the Indian Finance Minister. I think it is fine if they are okay to consider Crypto as a tradable asset. She somehow agreed that it is an asset that can be called a speculative asset for trading. It might be the situation when many countries will not support crypto as currency because they might want to keep their fiat safe and secure and not influenced by Crypto. There is nothing wrong even if they consider crypto as a tradable set but there have to be fair policies.

She also added that Crypto is backed by a great technology called Blockchain. The Indian government is using the blockchain in many sectors and they are still exploring more use cases. Although she did not mention the use case for blockchain I know that some states are using this technology for governance work. A previous statement also mentioned that blockchain is a great technology but they are not favouring the crypto and they think it can create issues on the money laundering side.

Indians are not expecting crypto to be accepted as payment but as long as they can make crypto as a tradable asset with a fair taxation policy it is good to go. Many people shared the video on social media which anyone can check out.

https://x.com/aajtak/status/1768548184199209278?s=20

I have shared the tweet shared by one of the leading media channels and you can click on the video to listen to what she says. The question was validly asked by the generalist and she answered it well but still, she did not sound good for the Crypto. I'm surprised that India as a country is not leading this segment whereas many other countries are doing fantastic. Hope you know that a lot of companies and individuals who are dealing more in crypto have left India and they got settled in other countries mostly in the UAE. Why because they get a better environment to work in crypto there but in India, it is not easy. Heavy taxation is the biggest problem and even on top of that there are many other restrictions with the banking services which is not a favourable environment for the crypto industry to grow in the country.

Conclusion

I'm not even a year old in the crypto market but all I can say is that it is such a fantastic industry. A lot is happening in this segment where not just about trading or holding some assets but the type of development is on the next level. Indians should get the chance to play fair in the Crypto market and this is why the government should do whatever is needed. I hope things improve in future and what the Indian Finance Minister has shared now changes and empowers the crypto industry.

This is my participation for the March Monthly Prompt initiative by @leo.tasks

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