India has been embroiled in a tumultuous period of crypto regulation in recent months. While some organizations want the assets outright banned, others want regulations to govern their activity in the industry. According to a recent remark from a minister in the nation, if digital assets are utilized to carry out unlawful acts, they must be fully banned.
Attacks on India make Lekhi nervous
According to Meenakshi Lekhi, India’s external affairs minister, the country should not hesitate to halt the use of the assets if they endanger the country’s integrity. Lekhi is also the country’s culture minister and works in foreign affairs.
She has served in this position for the previous two terms, which were chosen by-elections in May 2014 and May 2019. She shared her thoughts during her ministry’s technology summit last week. According to her, crypto legislation should ensure that digital assets are outlawed if used to conduct attacks against India, among other unlawful actions. She did say, though, that she anticipated the country’s finance ministry and IT department to be on top of the situation.
India is still debating whether or not to regulate cryptocurrency
Lekhi also believes that most organizations that operate crypto exchanges always attempt to avoid paying taxes. However, she stated that many people make money and spend it without paying their fair share of taxes. Meanwhile, India has continued to revise its digital asset bill in recent weeks.
The measure will be debated in the Lok Sabha, India’s lower house of parliament. While many people have expressed their opinions on crypto legislation in India, it is up to Prime Minister Narendra Modi to make the final decision. Modi is considered to have a positive attitude about digital assets after advising international leaders to promote democracy throughout the globe.
According to reports, India is considering restricting the usage of digital assets for payments as part of its crypto legislation. The Reserve Bank of India, on the other hand, has maintained an explicit prohibition on the use and exchange of digital assets throughout the country. According to the premier bank, the government cannot announce a partial ban on the asset since it will be ineffective.