Indian Economic Advisor (CEA) V. Anantha Nageswaran has urged regulators to support innovation in sectors like cryptocurrency, Bitcoin, and online gaming.
Speaking at the Global Economic Policy Forum 2024, he stressed the importance of balancing innovation with responsibility. Addressing India’s financial illiteracy, he noted that regulators must carefully weigh the social costs and benefits of emerging technologies without hindering progress.
Nageswaran also highlighted the need for transparency among both regulators and regulated entities, emphasizing that unelected regulatory powers should remain within defined limits. His statements come amid ongoing concerns about India's stringent crypto regulations, which include a 30% tax on crypto profits, creating challenges for investors and exchanges.
Former Reserve Bank of India (RBI) Governor Shaktikanta Das, on his final day in office, advocated for the potential of India’s central bank digital currency (CBDC), the Digital Rupee. Das called the CBDC a transformative tool for India’s economy, suggesting it could address uncertainties surrounding cryptocurrencies. He reaffirmed RBI’s commitment to advancing Digital Rupee use cases and collaborating with SEBI on a comprehensive crypto policy framework.
The comments from both Nageswaran and Das reflect a broader discourse on how India can balance regulatory oversight with the need to foster innovation in the crypto and blockchain sectors, alongside other financial technologies.
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