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Finance Minister Nirmala Sitharaman issues warning against cryptocurrencies, new regulations to be announced

Nirmala Sitharaman, the union finance minister, firmly told the audience that Bitcoin is not money during her speech at a BJP Economic Cell event. She added that a new cryptocurrency regulation would soon be introduced and urged investors to act with prudence while dealing with cryptocurrencies. 

Finance Minister Nirmala Sitharaman has once again cautioned cryptocurrency investors against investing in any such crypto, reiterating the government’s position on the legitimacy of cryptocurrencies. 

Nirmala Sitharaman, the union finance minister, sternly told the audience that Bitcoin is not money during her speech at a BJP Economic Cell event. She added that a new cryptocurrency regulation would soon be introduced and urged investors to act with prudence while dealing with cryptocurrencies. 

”…please — Caution is the word. So I think all of us will have to share our thoughts and move with a bit of caution on this. There is an immense possibility when you’re talking about the technology, but how and where and what trajectory it takes is something which all of us will have to be concerned about and watch for,” Sitaraman had said.

The Indian government does not recognise cryptocurrencies, but it does impose a 30% tax on revenue derived from these virtual digital assets.  To combat the concerns of money laundering and terrorism funding, Finance Minister Nirmala Sitharaman has been arguing forcefully for international regulation of cryptocurrencies.


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