ChainCatcher message, according to Cointelegraph, Indian Finance Minister Pankaj Chaudhary stated that India has not conducted any research or surveys to understand the extent of its citizens' adoption of cryptocurrencies, and mentioned: "Cryptographic assets or virtual digital assets (VDA) are unregulated in India, and India will not collect data on these assets."

ChainCatcher news, according to CoinDesk, Indian Finance Minister Nirmala Sitharaman stated in the 2024-2025 budget speech that the current cryptocurrency tax regulations will remain unchanged.Although the Indian crypto industry proposed to reduce the Tax Deducted at Source (TDS) on crypto transactions from 1% to 0.01% and sought to implement a progressive tax rate on gains instead of a fixed 30% rate, these proposals were not adopted. This budget is the first since Prime Minister Narendra Modi was elected for a third consecutive term.

ChainCatcher news, Indian Finance Minister Nirmala Sitharaman emphasized during an interview with Businessline on Monday that there is a need for global consensus on cryptocurrency regulation. Sitharaman highlighted the importance of international cooperation, especially within the G20, to address the challenges of cryptocurrency regulation.Sitharaman explained, "Even before the G20 summit and since 2020, we have been discussing this issue in the Ministry of Finance." She added that the Reserve Bank of India (RBI) also has its own views on the matter. Sitharaman emphasized, "We are very clear that there should be a global consensus on how to regulate cryptocurrencies."Last week, the Securities and Exchange Board of India (SEBI) provided recommendations on cryptocurrency asset regulation to a government panel, advocating for different regulatory bodies to oversee various aspects of cryptocurrency trading. Meanwhile, the Reserve Bank of India also submitted its views on cryptocurrencies, expressing concerns and highlighting macroeconomic risks associated with cryptocurrencies, as well as issues related to tax evasion and fiscal stability.

ChainCatcher news, according to Bloomberg, Indian Finance Minister Nirmala Sitharaman stated in an interview with Bloomberg that many reports suggest that cryptocurrencies may have an impact on macroeconomic stability. If G-20 member countries reach a consensus, India will explore a broad framework that allows each country to reference and adopt its own cryptocurrency legislative framework. (Source link)

ChainCatcher news, according to Coin Edition, International Monetary Fund (IMF) President Kristalina Georgieva and Indian Finance Minister Nirmala Sitharaman proposed a globally coordinated approach to regulate crypto assets to multilateral financing institutions. The finance minister and the IMF chief discussed the role of the IMF and other important international organizations in developing a universally applicable set of crypto regulations.

ChainCatcher news, according to Cointelegraph, Indian Finance Minister Nirmala Sitharaman recently stated that India is "rapidly advancing" digital financial technology as it prepares to assume the G20 presidency, and "regulation of crypto assets could be one of the 8 priorities for India's leadership of the G20, but it requires support from other members."In December this year, India will take over the G20 presidency after Indonesia. Sitharaman pointed out that India needs to collaborate with organizations including the International Monetary Fund, the Financial Stability Board, and the Organisation for Economic Co-operation and Development to ensure that crypto can be regulated in a way that involves all countries, stating that "no country can successfully regulate crypto assets in isolation." (cointelegraph)

Chain Catcher News, Indian Finance Minister Nirmala Sitharaman at the 75th Annual Conference of the Indian Banks' Association in Mumbai emphasized the use of technologies such as Web3 and AI by banks to detect fraud and generate early warning signals. She also urged banks to enhance customer service.Nirmala Sitharaman further called for banks to develop a plan for the next 25 years, adopting digitalization and modern technologies to make India a developed country by 2047. She stated, "You need to formulate strategies to meet the aspirations of India's youth over the next 25 years, and banks should have an innovative portfolio to attract young people and enable their access." (source link)