M. Nagaraju, Secretary of India’s Department of Financial Services (DFS), expressed strong doubts about cryptocurrencies during the SBI Banking & Economics Conclave on November 18, 2024. He remarked:

I am very skeptical of cryptocurrency — not now, not after becoming the financial secretary. Even as an individual also, I am very doubtful of the entire scheme of cryptocurrency.

Nagaraju, an Indian Administrative Service (IAS) officer from the 1993 Tripura cadre, plays a crucial role in shaping financial policy under India’s Ministry of Finance. His skepticism aligns with the Reserve Bank of India’s (RBI) longstanding concerns over the legitimacy and financial risks posed by digital currencies.

India’s approach to cryptocurrency regulation has undergone significant changes. After the Supreme Court overturned the RBI’s 2018 ban on crypto transactions in 2020, the government implemented a 30% tax on virtual asset gains and a 1% tax deducted at source (TDS) on transfers. The Indian Financial Intelligence Unit (FIU) has registered multiple crypto service providers and fined several offshore exchanges, including Binance, for anti-money laundering violations. Meanwhile, the Securities and Exchange Board of India (SEBI) has recommended a multi-regulatory framework, differing from the RBI’s push for stricter controls. Finance Minister Nirmala Sitharaman has emphasized international collaboration, highlighting the need for a unified global strategy to address crypto challenges. During India’s G20 presidency in 2023, the country led discussions on creating a synthesis paper to guide global regulatory efforts.

Despite regulatory challenges, India remains a global leader in cryptocurrency adoption, topping Chainalysis’ 2024 Global Crypto Adoption Index. Earlier this month, investment firm Bernstein urged India to recognize bitcoin as a strategic reserve asset. Bernstein argued that India’s current focus on central bank digital currencies (CBDCs) and its classification of bitcoin as a “private currency” overlook BTC’s key role as a “store of value.”

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