No blanket ban on cryptocurrency on the horizon, with an open “window” for experimentation in India, says minister of finance, Nirmala Sitharaman.
March 7, 2021 | AtoZ Markets – The reports of a general Indian ban on cryptocurrencies are now proving to be scare tactics (FUD).
As the Indian Finance Minister Nirmala Sitharaman confirmed in a recent interview with CNBC, the media reports about a planned general ban on crypto are clearly exaggerated. Although the regulation of the crypto industry is still being vigorously negotiated behind the scenes, it expects a moderate result itself.
“Yes, there is a lot of negotiation, there is a lot of discussion, especially with the central bank,” said Sitharaman. She adds: “Of course, the Indian central bank will be in charge of deciding which cryptocurrencies will be allowed and how they will be regulated, but we as a government want to ensure that there is enough room for all sorts of experiments in the crypto industry.”
Accordingly, she emphasizes that any crypto regulation will be far less “strict” than previously often rumored. The supervisory authorities would rather have to orientate themselves towards their own country, not towards the still very mixed situation that spills over from the rest of the world on the subject of cryptocurrencies. The Minister of Finance concludes:
“Technological progress is extremely fast. But that doesn’t mean we should react negatively. […] Let me put it this way: We are not closing ourselves off, we will examine how we can enable experiments in the digital world, in the crypto industry. “
Sitharaman’s remarks should be a great relief for the crypto community in the second-most populous country in the world. Just this month, Bloomberg had fired the narrative about a general ban, because a former finance minister of India had confirmed the alleged ban to the newspaper.
The discussion about this in the crypto industry has been causing explosions for a long time, with one expert seeing the endeavor as a desperate attempt at regulation that would be comparable to an attempted ban on the Internet. At least some Indian crypto companies did not allow themselves to be deterred and continued their business.
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