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India’s Chief Economic Advisor Advocates for Balanced Cryptocurrency Regulation
India’s Chief Economic Advisor, V. Anantha Nageswaran, has emphasized the need for balanced cryptocurrency regulation that fosters innovation while ensuring transparency and accountability.
Speaking at the Global Economic Policy Forum 2024, Nageswaran highlighted the importance of regulators not hindering innovation in the cryptocurrency sector, including Bitcoin. He stressed that regulators must strike a balance between promoting innovation and addressing societal needs, particularly in the context of financial illiteracy.
Transparency and Accountability
Nageswaran emphasized the need for regulators to prioritize transparency, actively sharing information and ensuring their actions align with societal goals. He noted that the same principles of transparency and social cost-benefit that apply to financial innovations must also apply to regulators themselves.
“We need to ensure that the criteria set for regulators do not obstruct innovation.”
Regulatory Clarity Needed
Nageswaran’s comments come amid calls for regulatory clarity in India, where regulators have been relatively quiet about their stance on cryptocurrencies. The lack of clear policies has left the sector grappling with uncertainty.
A policy paper intended to clarify crypto’s standing has been repeatedly delayed, with the nation diverting its resources toward developing and testing its central bank digital currency, the digital rupee.
Crypto Adoption on the Rise
Despite challenging conditions, including a 30% tax on crypto gains, India has witnessed a surge in crypto adoption. The nation holds the top spot in Chainalysis’s latest Global Crypto Adoption Index.
Recently, Jetking Infotrain, a prominent IT training company, made history by becoming the first publicly listed business in India to add Bitcoin to its corporate treasury.
As India continues to navigate the complexities of cryptocurrency regulation, Nageswaran’s comments emphasize the need for a balanced approach that promotes innovation while safeguarding public interests.
For more cryptocurrency news and updates, visit Global Crypto News.
