On Wednesday, Nirmala Sitharaman, India's finance minister, spoke on crypto legislation at a Stanford University School of Medicine fireside talk.
She went on to say that India will not rush to complete its crypto legislation. According to the Mint, she stated that India would make an informed judgment after thorough consultations across multilateral fora.
Sitharaman said that blockchain technology has the potential to help India's economy grow. "Blockchain has a lot of promise, not only in payments but in a lot of other areas," says the Minister.
"It may also be used for not so beneficial objectives — whether it be money laundering or leading to supporting terror," the finance minister added.
Related Post:Indian legislator likened crypto to gambling, demands a 50% tax
Officials from India's finance ministry have met with representatives from foreign institutions such as the International Monetary Fund (IMF) and the World Bank. India is "on the frontlines of digital currencies, notably central bank digital currency and how it manages a reduction of risk from crypto assets for the Indian people and enterprises," according to IMF Managing Director Kristalina Georgieva.
Residents in three major Chinese cities have begun paying taxes, stamp duty, and social security contributions with the digital yuan, the nation's central bank digital currency (e-CNY).
As per a local news report, most government entities in Zhejiang province, located just south of Shanghai, are now conducting real-world experiments with residents paying taxes using the digital yuan.
The Zhejiang Taxation Bureau collaborates with China's central bank, the People's Bank of China (PBoC), to investigate several digital yuan-based tax payment options.
The PBoC and allied local government organizations are allegedly looking forward to the Asian Games, held in Hangzhou in September, as the next significant trial for the digital yuan. According to local officials, the digital yuan might be utilized to simplify the calculation of tax-related tasks.
Related Post:Pakistan Central Bank views Crypto as a bad tool
The PBoC indicated that it would aim to expand the digital RMB pilot scheme further to Chinese cities, namely Guangzhou, Tianjin, and Chongqing, following the successful execution of the initiative, which began public testing in April 2021.
On the other hand, one local government has decided to "airdrop" 15 million digital yuan (about $2.25 million at the time of writing) to its people to encourage consumer spending and advocate the usage of the new currency during the epidemic.
