The founder of India's third largest private bank has labeled digital currency as an "alternate market currency" amid Finance Minister Nirmala Sitharaman's claim that digital currency cannot be a legal currency.
India's Finance Minister Nirmala Sitharaman insists that digital currencies cannot be a legal currency in India, they are simply assets for trading and speculation, she said.
Nirmala Sitharaman remained silent on requests to lower taxes as she presented the Budget 2024-25 on February 1, while India's Web3 industry hopes the new gov't will address their concerns by July.
As India warms up to blockchain with the federal government emphasizing its benefits, its Web3 industry experts expect more banks and financial institutions to utilize the technology in 2024.
India's budget will be presented on February 1, and the Web3 industry hopes for better regulations for virtual digital assets and dedicated funds from the government for indigenous blockchain projects.
With the growing popularity of digital asset trading, India marked the year 2023 with various regulations geared toward safeguarding the space, even pushing for a common framework on the global stage.
In this CoinGeek Backstage episode, Web3 leaders Dr. Satya Gupta, Dilip Chenoy, and Dr. Shiv Kumar discuss India's potential as a global blockchain leader, with a focus on public-private partnerships, GDP growth, and talent development.
Finance Minister Nirmala Sitharaman is leading the efforts for common guidelines among G20 nations as India's push for global virtual currency regulations faces challenges ahead of G20 Summit.
The National Payments Corporation of India (NPCI) is hiring a Head of Blockchain with blockchain expertise to enhance payments through blockchain technology.
India's Finance Minister Nirmala Sitharaman clarified that despite the country's tough stance on digital currency, the government would continue to back blockchain technology for other use cases.
Nirmala Sitharaman insists that regulating digital currencies and the technology where they are minted does not equate to controlling the sector but are efforts to ensure users' protection.
The Finance Minister stated that with a global outlook on digital currencies, bad actors could not profit from regulatory arbitrage and would provide a blueprint for policing the sector.
