India's Finance Ministry has highlighted the necessity for 'a common approach to regulating the crypto ecosystem.' cryptocurrency economicsurvey
India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them,” the Indian government stated.Indian Finance Minister Nirmala Sitharaman presented thein Parliament Tuesday.
Including cryptocurrency for the first time this year, the Economic Survey highlights the “necessity of a common approach to regulating the crypto ecosystem.” The 414-page document explains, “The recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem,” elaborating:
Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them.that crypto has no intrinsic value, adding that they pose risks to the country’s financial stability. The RBI has recommended banning cryptocurrencies like bitcoin and ether.
The Economic Survey also states that “U.S. regulators have disqualified bitcoin, ether, and various other crypto assets as securities.” However, the chairman of the U.S. Securities and Exchange Commission , Gary Gensler, has confirmed that
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