Home Technology Exercise caution when dealing with cryptocurrencies, Nirmala Sitharaman warns public and start-ups

Exercise caution when dealing with cryptocurrencies, Nirmala Sitharaman warns public and start-ups

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Exercise caution when dealing with cryptocurrencies, Nirmala Sitharaman warns public and start-ups

“Center keen to encourage blockchain distributed ledger technology in the country”

“Center keen to encourage blockchain distributed ledger technology in the country”

Caution is advised as not all that circulates is money, Finance Minister Nirmala Sitharaman warned referring to cryptocurrency. She was speaking here on Saturday at an event organized by the BJP Economic Cell to release her ‘Vishwaguru Bharat’ memento.

She urged the public and start-up entrepreneurs to exercise caution in cryptocurrency because not all that floated was currency.

“The government has already warned. I think we will all have to share our thoughts and act with a little caution on this, ”she warned.

An episode reported in the media over the past few weeks, which the investigation was taking place, revealed several pitfalls, she added, apparently referring to money laundering cases the ED has been investigating recently.

However, she clarified that the technology offers immense opportunities and that members of the crypto ecosystem should not think that the government is looking inward and against the technology.

When it comes to blockchain, Ms. Sitharaman said, the Union government was very keen to encourage blockchain distributed ledger technology in the country.

Responding to a question from the audience on how to reconcile growth and inflation, especially if the country slips into stagflation, she said: “We have to manage inflation, and also encourage growth. The approach we take is growth. Growth is absolutely essential to receive his full attention.”

However, she acknowledged that there was an increase in costs for manufacturers. This did not mean that there was no burden of increased costs for manufacturers or increased prices for consumers.

“I repeat that India, legislatively and also because of the way we have been handling our inflationary affairs, has given itself number four – you know, because 4% inflation is acceptable and a margin of tolerance less two plus two, and only allow it to go further below 2%,” she explained.

Ideally, inflation should never be allowed to exceed 6%, but in recent months, especially in recent months, it has risen to over %, Ms Sitharaman added.

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