- No blanket ban in India, says Indian Finance Minister.
- Regulations won’t be as severe as has already been reported.
- The hypothetical ban drew widespread criticism across the crypto world.
No blanket ban in India, says Indian Finance Minister Nirmala Sitharaman.
Sitharaman’s Clue About Crypto Ban in India
The Indian crypto firms found solid growth. This is since the Supreme Court overruled the RBI’s banking ban on crypto firms in March 2020.
Sitharaman said in a CNBC interview that reports of a blanket ban on cryptocurrencies overstated. While ongoing negotiations, she expects the end results to be more tempered.
Moreover, many negotiations and discussions are happening with the Reserve Bank. However, RBI will take a quorum about the kind of unofficial currency, cryptocurrency has to be planned, and how it has to be regulated.
In addition, it is necessary to make sure that there’s a window available for all varieties of experiments which will have to take place in the crypto world. More so, she said that regulations won’t be as severe as has already been reported.
Authorities will look inward and take a very calibrated stance. In order to the mixed messages coming in from across the world. She added that the world is moving faster with technology. It is not possible to pretend that people do not want it and she gave the clue.
“I can only give you this clue: that we are not closing our minds, we are certainly looking at ways in which experimentations can happen in the digital world, in cryptocurrency and so on.”
Even more, the explanation from Sitharaman is no doubt a source of relief for crypto businesses, users, and hodlers in the world’s second most famous country. Recently, a Bloomberg report citing a senior Indian financial minister said that the country would be banning all cryptocurrencies.
The hypothetical ban drew widespread criticism across the crypto world. Some firms found the reports to be hot air and continued on with developments apace.