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Author Topic: Many countries have cautioned on rushing into crypto currencies, says Sitharaman  (Read 147 times)
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October 20, 2019, 09:25:51 AM
 #1

Today an article was published where the Finance Minister said that "Many countries have cautioned on rushing into crypto currencies, says Sitharaman"


Quote
Washington: Many countries have cautioned against rushing into crypto currencies, Union Finance Minister Nirmala Sitharaman said on Sunday, as Facebook's proposed virtual currency Libra became a buzzword during the annual meeting of the International Monetary Fund and the World Bank.

In fact, Reserve Bank of India Governor Shantikanta Das spoke about crypto currencies during one of the interventions this week. The RBI has banned the use of cryptocurrencies in India.

"On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this," Sitharaman told a group of Indian reporters in response to a question on the discussions on Libra, the proposed virtual currency from Facebook, which was one of the talked about topics this annual meeting.

"Some of them (countries) of course even suggested that they shouldn't be using, all of us shouldn't be using the name stable currency because that's the expression they used. Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind," she said.

Sitharaman said three or four different names were mentioned by different people but the overall sense was that "countries will have to show extreme caution much before anything is said or moved on this".

"In fact, this morning some of the presentations were also highlighting the strengths of such virtual currency. But equally everyone without fail spoke about the challenges together with talking about it as a if necessary step forward. So everyone was stepping cautiously on it," she said.

Kristalina Georgieva, Managing Director, IMF, said the organisation has been engaged quite extensively with others, like the Financial Stability Board, the European Central Bank, on the question of digital currency, stablecoins about what are the benefits and risks involved.

"We take a very balanced approach. We look at the ease of use, cost savings, and most importantly, financial inclusion as very important benefits. But we are also very mindful that they can be a risk for privacy, consumer privacy," she said.

Georgieva said digital currency can be abused for illegal purposes and, in the worst case, for the financing of terrorism.

"And there are issues on sovereignty that need to be well understood and addressed. And in that sense, we will continue to work," Georgieva said.

"We are not specifically focusing on Libra. We are looking into, one, the inevitability of expanding digital money on the wave of the digital revolution, but then the necessity to do so, mindful of monetary stability," the IMF Managing Director said in response to a question.

Source: https://www.livemint.com/news/india/many-countries-have-cautioned-on-rushing-into-crypto-currencies-says-sitharaman/amp-11571541681585.html


Things don't look positive after reading what she said and she's just quoting the countries that aren't positive about cryptos and not the ones that have supported it Sad

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October 20, 2019, 10:43:19 AM
Merited by JSRAW (1)
 #2

Today an article was published where the Finance Minister said that "Many countries have cautioned on rushing into crypto currencies, says Sitharaman"
Things don't look positive after reading what she said and she's just quoting the countries that aren't positive about cryptos and not the ones that have supported it Sad
I seriously doubt what Nirmala Sitharaman says because they just do not do the necessary research about things, the moment they blamed the millennials when the media asked about the decline in the automobile sector i understood the level of governance and knowledge she has over the country, i do not think that they will ever do that will bring good for the citizens, they cannot produce new jobs they cannot do anything and yet they want to restrict new markets that will create jobs for the millions of citizens that are jobless even with a post graduation degree and it is really pathetic.

 

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October 20, 2019, 11:56:22 AM
 #3

Things don't look positive after reading what she said and she's just quoting the countries that aren't positive about cryptos and not the ones that have supported it Sad


dear a mind is like a parachute it only functions when it is open and currently our govt is with a closed parachute,they are only seeing negatives parts of crypto and keeping closing eyes on the positive part.I sure she doesn't know a anything about crypto.she is just reading the reports which are coming on her table .. wish piyush goyal was there instead of her..agar wo hota toh tasveer kuch aur hoti  Angry
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October 21, 2019, 05:22:37 AM
 #4

The reactions from Madam FM clearly seem to be based  on what she heard from the presentation. Caution when it comes to their effect on monetary policies. The obvious fun part is the cringe from IMF on calling it "Stable currency". They don't want that name. Reason being that it puts a question mark on the validity of their own "currency". Like, If crypto is named "stable currency", what was it that we were peddling till now??

Yet, the statement about ease of use, cost savings as well as financial inclusion gives some hope and speaks of the fact that Nirmala Ma'am is fast realizing that the crypto issue isn't going anywhere. Its an overall positive.
The major thing missing from her understanding seems to be the technological aspect of it and the opportunities it can bring the developer and freelancer community.
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October 21, 2019, 08:55:40 AM
 #5

after reading that really it was sad news for Indian crypto users. the Indian government and RBI thinking about the negative Points of cryptocurrencies or digital Money only, there are so many positive points are there to do the regulation to cryptocurrencies and some developed country accepts the blockchain technology and cryptocurrency future values and done the regulation for example Japan. I hope the Indian government will understand the use of digital currency values.

 
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October 23, 2019, 02:46:35 AM
 #6

India needs youngsters on these positions, who understands new technologies and are open to it.

Wish they would regulate the crypto in India, aside from creating jobs, government will get tax, that can be used for betterment of country.

But alas.

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October 28, 2019, 05:21:07 AM
 #7

Well, that's the typical nature of a fascist government. They all love newer military technologies but hate newer financial opportunities!

When countries with progressive mentality is adopting cryptos, India is following the path of Bangladesh and Pakistan, which is indeed forcing us to go back in time! The impact is already being seen in the stock market and on various ratings from the international agencies like IMF and World Bank!

Even though a court case is ongoing in Supreme court about crypto ban of RBI, it's highly unlikely that the court will favor us! Even if the court favors us, government will simply place an ordinance to supersede the court directive! In simple term, this BJP government will not allow tech savy Indians to earn money through cryptos. Instead, it's better to open a cow dung and cow urine shop!

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October 28, 2019, 06:20:58 PM
Merited by Heisenberg_Hunter (1), JSRAW (1)
 #8

Well, that's the typical nature of a fascist government. They all love newer military technologies but hate newer financial opportunities!

When countries with progressive mentality is adopting cryptos, India is following the path of Bangladesh and Pakistan, which is indeed forcing us to go back in time! The impact is already being seen in the stock market and on various ratings from the international agencies like IMF and World Bank!

Even though a court case is ongoing in Supreme court about crypto ban of RBI, it's highly unlikely that the court will favor us! Even if the court favors us, government will simply place an ordinance to supersede the court directive! In simple term, this BJP government will not allow tech savy Indians to earn money through cryptos. Instead, it's better to open a cow dung and cow urine shop!

Indian government has too much control over economy which is not good for economy at this stage. India follows the monetary concept of 'Managed Floating Exchange Rate System' in which central authority has power to influence the market movements. In countries like US, Japan and New Zealand, system of Independent Floating is followed. Hence it was relatively easy for them to regulate Bitcoin.
I don't think Congress or any other political party would have done any different than what current government doing. If we really wanna see some radical changes in economy then there is a need to revamp economic policy completely by adopting independent floating. It will have positive effect on Indian Rupee as well as will open a path for Crypto Currencies. Although, it may lead to further widening of gap between rich and poor but governments over the years had 72 years to make change and if they were unable to create change over such a long period, I doubt any change will come in future. So better is if economy is leave to laissez faire.

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November 15, 2019, 11:36:53 PM
Merited by webtricks (2), Heisenberg_Hunter (1)
 #9

You didn't read it quite carefully, it was all mainly focusing over Facebook's Libra and they have reflected their impedance for that as that was the talk of the debate. I think Sitharaman Mam needs to go to some Blockchain summits in order to understand how it all works, rather than just listening to other countries on a serious matter that is taking over the world and not just India. Didn't Rajeev Gandhi think about the consequences India would have after bringing new technologies to India? And he brought it here and saw the change, actually he was the change. Someone here needs to step in to be the change if they expect it to happen because this Gov is too much controlling us that we even need to ask them before taking a relieved breathe here.

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