Economy Minister promises ‘balanced’ approach and rules out cryptocurrency ban in India

Another “ban on cryptography” turns out to be a temporary FUD.

In an interview with CNBC this morning, Indian Finance Minister Nirmala Sitharaman said reports of a general ban on cryptocurrencies are exaggerated. While negotiations are underway, she said she expects the end result to be more subdued:

“Yes, a lot of negotiations, discussions are going on, with the Reserve Bank,” said Sitharaman. “Obviously, Reserve Bank will have a quorum on how, what kind of unofficial currency, cryptocurrency will need to be planned and how it will be regulated. But we also want to make sure that there is a window available for all types of experiments that will have to take place in the cryptographic world. “

She went on to say that the regulations will not be as “strict” as previously reported. The authorities will “look inside” and assume a “very calibrated” posture, in contrast to the “confused messages that come from all over the world”.

“The world is moving fast with technology. We cannot pretend that we do not want it. […] I can only give you a clue: that we are not closing our minds, we are certainly looking for ways in which experimentation can take place in the digital world, in cryptocurrency and so on. “

Finance Minister @nsitharaman says “Govt. wants to ensure that there is a window for experiments in the cryptocurrency space ”. ⁰Time for India to innovate and shine! @FinMinIndia

– BlockchainedIndia (@blockchainedind) March 6, 2021

Sitharaman’s comments are undoubtedly a source of relief for crypto companies, users and hodlers in the world’s second most populous country. Earlier this month, a Bloomberg report quoting a leading Indian finance minister said the country would be banishing all cryptocurrencies.

The hypothetical ban drew widespread criticism from the entire crypto community, with some comparing it to a attempt to ban the Internet. However, some companies considered that the reports were not good and continued with accelerated developments.



Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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