Sitharaman said that thanks to the plan to penetrate people in remote locations through JAM trinity, an initiative to connect accounts and phone numbers. She noted that virtual tokens would be a huge plus to India's virtual economy to ensure a cost-effective medium of exchange.

The finance chief highlighted that President Modi's administration is encouraging different sectors to embrace digitalization. The minister added that the country’s budget has provisions for virtual currency, a virtual school, and online financial institutions.

Although the nation is yet to finalize its cryptocurrency laws, the process and the currency launch will be detailed, according to the Deputy Head of India's apex bank.

India talks with international financial bodies such as the IMF to draw a comprehensive virtual token policy.

Warren Buffet Will Not Entertain Offers to Buy Up Bitcoins for $25, Crypto Advocates React.

Warren Buffet on Sunday reiterated his stand on Bitcoin when he stated that there is no value in investing in cryptocurrencies. Making his remarks at the yearly meeting of his company's shareholders, the serial investor believes that investors in cryptocurrency are prone to speculation. According to him, Bitcoin is non-productive compared to real estate and farms. Thus even if he is offered all the Bitcoins ever mined for just $25, he would not take it.

The Billionaire affirmed that BTC could not be classified as an asset as no value is added to the holder. He confidently predicted that the US government would never permit Bitcoin or other cryptocurrencies to take the dollar's place.

Crypto advocates have responded to the latest withering down, stung by Buffet's criticism. Ricardo Salinas, the founder of Grupo Salinas, stated that Buffet has no idea what virtual currencies are about.
Following Buffet's comments, Digital Assets Data’s Mike Alfred has decided to downsize his shareholding in Berkshire Hathaway. He mentioned that the renowned crypto critic is unwilling to move with the times.

Author Linda Jones in a tweet, questioned Buffet's sincerity when she pointed out that he has sizable investments in Nubank, a BTC-friendly bank, and in SBI Holdings and Bank of America, both of which are partners of digital currency giants Ripple.