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<keyword id="161813" type="General" weightage="20" keywordseo="union-finance-minister" source="Orion">Union Finance Minister</keyword> <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Friday that her Ministry is looking at ways to reduce the overall level of <keyword id="169777" type="General" weightage="20" keywordseo="government-debt" source="Orion">government debt</keyword> so that future generations do not have to bear the burden. "We are conscious of the debt of the Government of India today. Compared to many other countries it might not be as high. But even there, we are consciously looking at experiments in different parts of the world," the finance minister said while addressing the <keyword id="19206518" type="General" weightage="20" keywordseo="kautilya-economic-conclave" source="Orion">Kautilya Economic Conclave</keyword>. "We are looking at ways in which we can bring down the overall debt. And I'm sure going to be very successful in that because I'm very much in line to meet India's aspirational requirements, but deal with it with a sense of responsibility so that the coming generations don't feel the burden, that government has left debt on them," she explained. The Finance Minister also said that there was a global consensus on putting in place a system for <keyword id="6259353" type="General" weightage="20" keywordseo="cryptocurrency-regulation" source="Orion">cryptocurrency regulation</keyword>. She highliighted India's role in bringing this issue to the forefront during the G20 meeting. "Crypto was the issue that we're able to bring in G20 meeting under India presidency and brought all the countries on consensus. All G20 countries agreed on a template and they will bring the regulation based on that template," Sitharaman added.

Finance Ministry looking at ways to cut govt debt: Sitharaman

The framework - crypto regulation & India

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Crypto issue requires immediate attention, says FM Sitharaman

The framework: Crypto regulation and India

Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Tuesday made a strong case for regulating cryprocurrencies at a global level to mitigate the risk of money laundering and terror funding. Participating at a high-level panel discussion organised by the IMF, the Finance Minister said that as long as the non-governmental activity of the <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> assets was through unhosted wallets, the regulation was going to be very difficult. However, she said, cross border payments between countries will become very effective through Central Bank-driven digital currencies. "The risk which worries me more on the non-governmental domain is essentially you're looking at unhosted wallets across the borders, across the globe... So, regulation cannot be done by a single country within its terrain through some effective method and for doing it across the borders, technology doesn't have a solution which will be acceptable to various sovereigns at the same time applicable within each of the territory," she said. The risks involved will have to be differentially approached, because for each user case, the risks can also be different, depending on the economy, she said during a panel discussion on the topic 'Money at a Crossroad: Public or Private Digital Money?' Citing an example, Sitharaman said application of regulation and risk involved for Nigeria would be different from a tourism or investment rich Bahamas. Stressing that regulation using technology will have to be so adept and nimble that it should not be behind the curve. It has to be ahead and this is not possible if any one country thinks that it can handle it, she said. Pointing out that unless there's going to be a global approach at regulating and understanding of the technology on cryptocurrencies there is a risk of money laundering. "I harp on that very much because I think the biggest risk for all countries across the board will be on the money laundering aspect, and also on the aspect of currency being used for financing terror," she said. With regard to taxing income generated from transactions in crypto assets, Sitharaman said it is a means to check the source and trail but not to legitimise them. "We haven't said that this is currency. We haven't said that this has intrinsic value, but certain operations are taxable for the sovereign and that is why we have taxed," she said. Budget 2022-23 proposed a 30 per cent tax on income from transactions in crypto assets and also imposed a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. "We did announce that on the income that was generated out of the transactions of these crypto assets will be taxed at 30 per cent and over and above that, there is a 1 per cent tax deduction at source which is also imposed on every transaction. So through that we will be able to know who's buying and who's selling it," she said. On the Central Bank Digital Currency (CBDC), she said, it is going to happen sometime this year. RBI is planning to come out with a central bank-backed digital currency using blockchain technology in 2022-23. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/finance/news/rbi-thinks-that-risk-of-inflation-may-continue-to-rise-as-export-declines/slidelist/90932616.cms" data-type="tilCustomLink">Here’s what is worrying RBI as India faces the double whammy of rising inflation and declining exports</a> <a href="https://www.businessinsider.in/science/health/news/ayushman-bharat-health-account-features-benefits-and-how-to-apply-for-abha/articleshow/90933084.cms" data-type="tilCustomLink">Ayushman Bharat Health Account — features, benefits and how to apply for ABHA</a>

Cryptocurrency could be used for money laundering and terror funding, says Indian finance minister

The <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Friday asked the Centre to make its stand clear on <keyword id="6395759" type="General" weightage="20" keywordseo="bitcoins" source="Orion">Bitcoins</keyword>. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. A bench comprising Justices D.Y. Chandrachud and Surya Kant told the additional solicitor general (ASG) Aishwarya Bhati, "You have to make your stand clear." The bench was hearing a plea by Ajay Bhardwaj against the Union of India. Bhati submitted before the bench that this case involves 87,000 Bitcoins and the accused is not cooperating with the investigation, and multiple summons have been issued so far. The bench queried, "Is it illegal or not..." Bhati replied: "We will do that my lord." Advocate Shoeb Alam, appearing for an FIR informant, sought cancellation of bail granted to Bhardwaj. The bench pointed out that a status report had been filed by the Enforcement Directorate in July last year. Bhati added that the accused has not cooperated in the probe. The bench directed the accused to meet with the investigating officer (IO) and cooperate in the investigation. The bench said the IO will file a status report showing the cooperation of the accused and scheduled the matter for further hearing after four weeks. The bench added that the interim order restraining arrest of the accused will continue till the next date of hearing. The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-donations-to-ukraine-surge-as-war-with-russia-intensifies/articleshow/89818975.cms">Bitcoin donations to Ukraine surge as war with Russia intensifies</a>

Supreme Court asks government to take a stand on Bitcoin

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> looks set to regulate <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> trading, rather than slap an outright <keyword id="11917174" type="UNKNOWN" weightage="60" keywordseo="ban" source="Orion">ban</keyword> on digital currencies as feared.</li><li>People should declare their crypto assets and put them on an exchange, the government suggested, according to an NDTV report.</li></ul>Crypto fans in India can breathe a bit easier, as the country's government looks ready to bring in <keyword id="11929846" type="UNKNOWN" weightage="60" keywordseo="regulation" source="Orion">regulation</keyword> on trading, rather than impose an outright ban on digital currencies, as many had initially feared.Lawmakers in India's lower house last week introduced <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11">a bill to prohibit "all private cryptocurrencies"</a> in the country, except for some tokens with useful underlying technology.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> prices slid on local exchanges, as crypto holders faced the prospect of their holdings becoming outlawed.But the Indian government appears to be taking a less drastic tack, going by a cabinet note on the <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">Lok Sabha bill</a> cited by <a href="https://www.ndtv.com/business/all-private-cryptocurrency-will-be-regulated-not-banned-sources-2634414">local media outlet NDTV</a>.The note said the proposed <keyword id="11899820" type="UNKNOWN" weightage="60" keywordseo="law" source="Orion">law</keyword> should refer to "crypto assets" and not "<keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>," NDTV reported, citing sources, on Thursday.There will be a deadline for people to declare their crypto assets and put them on existing exchange platforms, it said.Those crypto exchanges should be overseen by the market regulator, the Securities and Exchange Board of India, it said.The government suggested any violation of the rules could be punished with prison terms of up to 18 months, or by fines imposed by the SEBI. The penalties could reach as high as 20 crore rupees, equivalent to about $2.6 million dollars.As lawmakers hammer out India's regulatory approach to cryptocurrencies, its central bank is planning to test a "digital rupee" in the next few months. That central bank <keyword id="12086982" type="UNKNOWN" weightage="60" keywordseo="digital-currency" source="Orion">digital currency</keyword>, or CBDC, won't be covered by the proposed measures, according to NDTV.The cabinet note quashed any hope that a private cryptocurrency will be recognized as legal tender in India.

India won't ban private cryptocurrencies, but will regulate them instead: NDTV report

<ul class="summary-list"><li>Former <keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> exec Ishai Wahi and two others were charged in the first-ever crypto <keyword id="11938290" type="UNKNOWN" weightage="60" keywordseo="insider-trading" source="Orion">insider trading</keyword> scheme.</li><li>The Justice Department alleged that Wahi tipped off his brother and friend on at least 25 crypto assets before they were listed on Coinbase.</li></ul>A former Coinbase product manager and two others were charged in the first-ever crypto insider trading scheme, according to the Justice Department.The US Attorney's Office in Manhattan alleged that the former Coinbase employee tipped off his brother and a friend on assets before they were going to be listed on Coinbase, which isn't implicated in any wrongdoing.Ishan Wahi, the former Coinbase executive, as well as Nikhil Wahi and Sameer Ramani now face charges of <a href="https://www.justice.gov/usao-sdny/pr/three-charged-first-ever-cryptocurrency-insider-trading-tipping-scheme">wire fraud and insider trading</a>. The Securities and Exchange Commission also filed a separate <a href="https://www.sec.gov/news/press-release/2022-127">insider trading complaint against them</a>.The Wahi brothers were arrested Thursday, though Ramani had yet to be taken into custody. Attorneys for Ishan Wahi told Insider that the allegations against him have no merit. "Ishan Wahi is innocent of all wrongdoing and intends to defend himself vigorously against these charges and in the <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> action." An attorney for Nikhil Wahi didn't respond when contacted by other news outlets.US Attorney Damian Williams said in a statement that this is the first-ever insider trading case involving <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, adding that the <a href="https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme">first-ever case of NFT insider trading</a> happened just a month ago. "Our message with these charges is clear: <keyword id="11893299" type="UNKNOWN" weightage="60" keywordseo="fraud" source="Orion">fraud</keyword> is fraud is fraud, whether it occurs on the blockchain or on Wall Street," he said.The Justice Department alleged Ishan Wahi tipped off his brother and Ramani at least 14 times on asset listings before they appeared publicly, allowing them to make at least $1.5 million in total on at least 25 crypto assets due to insider information.The trio began to raise suspicion in April after Ramani purchased large quantities of six crypto assets before they were going to be listed on Coinbase, attracting the attention of a Twitter user within the online crypto community and pushing Coinbase to launch an investigation.When Coinbase contacted Wahi in May to talk about the incident, he allegedly purchased a one-way ticket to India and notified his brother and Ramani of his attempt to depart the country. He was later stopped by law enforcement before he could board the plane.

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Finance Ministry looking at ways to cut govt debt: Sitharaman

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The framework - crypto regulation & India

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The framework - crypto regulation & India

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The framework - crypto regulation & India

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Crypto issue requires immediate attention, says FM Sitharaman

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The framework: Crypto regulation and India

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Cryptocurrency could be used for money laundering and terror funding, says Indian finance minister

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Supreme Court asks government to take a stand on Bitcoin

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India won't ban private cryptocurrencies, but will regulate them instead: NDTV report

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A former Coinbase executive is among 3 charged in the first-ever crypto insider trading scheme

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