Lawmaker vows to make India's cryptocurrency legislation 'distinct and unique'

The chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, vowed to make the country's cryptocurrency legislation distinct and unique by balancing stability and growth in recognizing the importance of virtual currency.

At an event organized by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), Sinha admitted that it is not yet possible for India to adopt the cryptocurrency policies of advanced economies due to their lack of a full capital account convertibility.

Sinha noted that India’s crypto policies will not follow the US, Japan, or El Salvador, as they have to balance stability and growth but recognize how important crypto is.

He added that the committee will have national security in mind as crypto instruments are being used for terror financing and for domestic security threats.

The Indian government is planning to regulate crypto assets as commodities and by use cases, while its central bank is planning to unveil a digital rupee model by year's end.