India's finance minister warns against cryptocurrencies

Washington – Union Finance Minister Nirmala Sitharaman, currently visiting the US, reiterated India’s firm stance against cryptocurrencies. Sitharaman said that by taking a stand against cryptocurrencies at the right time, we cannot let our efforts to save the economy go to waste. Finance Minister Sitharaman was speaking at the event organised at the headquarters of the International Monetary Fund. At the time, the Union Finance Minister indicated that controlling cryptocurrencies would be prioritised at the G20 summit in India.

A meeting of finance ministers and central bank governors of G20 countries was held on the topic of ‘Microfinancial implications of crypto assets’. Speaking at the meeting, Sitharaman mentioned the potential threat from cryptocurrencies and stressed the need to take timely steps against it. Cryptocurrencies have the potential to create a shock in the global economy. India has repeatedly said that this digital currency, without any central control, can challenge the economies of countries. The whole world has to take note of India’s cautious and strict stance in this regard. Speaking at the headquarters of the IMF, the Finance Minister of India asserted this position.

Last year, US-based cryptocurrency exchange FTX collapsed. Investors lost billions of dollars in this. Speaking at the Peterson Institute for International Economics last week, Finance Minister Sitharaman once again made aware of the crisis caused by cryptocurrencies by citing FTX. Thus, all countries should unite and take appropriate steps against cryptocurrencies. No single country can take action against this kind of virtual currency, Sitharaman said.

Furthermore, the Prime Minister of India, Finance Minister Sitharaman and the Reserve Bank Governor have consistently warned the international community against cryptocurrencies. In addition, India has consistently voiced its determination to take a strong stance against the potential economic threat posed by cryptocurrencies at the G20 summit. Finance Minister Sitharaman also made the G20 countries aware of this while speaking at the headquarters of the International Monetary Fund.

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