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“Centre wants to promote blockchain distributed ledger technology in the country”
“Centre wants to promote blockchain distributed ledger technology in the country”
Caution is the word as not everything floating around is currency, Finance Minister Nirmala Sitharaman warned in relation to cryptocurrency. She was speaking here on Saturday at an event organized by the BJP Economic Cell to launch her souvenir ‘Vishwaguru Bharat’.
She urged the public and start-up entrepreneurs to be careful with cryptocurrency as everything floating around wasn’t currency.
“The government has already warned. I think we all need to share our thoughts and exercise some caution about this,” she warned.
An episode reported in the media over the last few weeks in which the investigation took place revealed several pitfalls, she added, apparently relating to the money laundering cases the ED has recently investigated.
However, she clarified that the technology offers immense opportunities and people in the crypto ecosystem should not think that the government is looking inward and against the technology.
Regarding blockchain, Ms. Sitharaman said the Union government is keen to promote blockchain distributed ledger technology in the country.
In response to a question from the audience on how to reconcile growth and inflation, especially when the country is slipping into stagflation, she replied: “We need to control inflation and also encourage growth. The approach we take is growth. Growth is absolutely key and needs to be given full attention.”
However, she acknowledged that the costs for manufacturers had increased. This is not to say that manufacturers will not be burdened by higher costs or consumers by higher prices.
“I repeat that India has come in fourth in terms of legislation and also because of the way we’ve been handling our inflation stuff – you know, because 4% inflation is acceptable and a tolerance band of minus two plus two, and don’t allow it to go any further below 2%,” she said.
Ideally, inflation should never go above 6%, but in the last couple of months, particularly the last few months, it’s been going above %, Ms Sitharaman added.
Be careful when dealing with cryptocurrency, Nirmala Sitharaman warns the public, startups and the latest news
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