There is no blanket ban on the horizon, with an open “window” for exploration in India, says Nirmala Sitharaman.
Another “crypto ban” turned out to be a temporary FUD.
In an interview with CNBC this morning, Indian Finance Minister Nirmala Sitharaman said that rumours of a ban on cryptocurrencies were overstated. Although talks are pending, she said that she intends the end result to be more moderate:
“Yes, a lot of negotiations, discussions are happening, with Reserve Bank,” said Sitharaman. “Obviously the Reserve Bank will be taking a quorum on how, what kind of unofficial currency, cryptocurrency will have to be planned, and how it has to be regulated. But also, we want to make sure that there’s a window available for all kinds of experiments which will have to take place in the crypto world.”
She went on to say that regulations won’t be as “severe” as have been previously reported. Authorities will “look inward” and take a “very calibrated” stance, in contrast to the “mixed messages coming in from across the world.”
“The world is moving fast with technology. We can’t pretend that we don’t want it. […] 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.”
— BlockchainedIndia (@blockchainedind) March 6, 2021
Sitharaman’s remarks are undoubtedly a source of comfort for crypto companies, consumers and hodlers in the second most populated country in the world. Earlier this month, Bloomberg’s article, quoting a senior Indian finance official, said that the country will outlaw all cryptocurrencies.
The hypothetical ban attracted strong backlash from across the Crypto world, some comparing it to an effort to ban the Internet. However, several firms have considered the findings to be hot air and have managed to grow quickly.
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