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India Reconsiders Complete Cryptocurrency Ban

India Reconsiders Complete Cryptocurrency Ban
  • India’s Finance Minister says the government will allow room for crypto experimentation.
  • The statement has given hope to the Indian crypto community.
  • The Reserve Bank of India (RBI) is expected to lead the way for cryptocurrency regulation.

India’s Finance Minister Nirmala Sitharaman has given hope to the Indian crypto sphere. In a recent interview, he implied that the Indian government will not totally ban crypto.

Sitharaman recently said that the Asian subcontinent will keep “a window available for all types of experiments in the crypto world.”  A report that seems to oppose the Crypto Bill was proposed in January.

Specifically, the crypto bill proposes a complete ban of all cryptos while allowing for the promotion of its underlying tech. This fueled fear in the Indian crypto sphere and led to various counter campaigns.

However, pressure groups like the Association for Blockchain, Crypto and Digital Asset Entrepreneurs (ABCE), and the Blockchain and Crypto Committee (BACC) drove government engagement. As a result, their efforts have been noted as having helped change the government’s view of crypto.

Also, ABCE noted that the government asked detailed questions. The government’s curiosity led ABCE to believe it was thinking of taking a regulatory stance instead of imposing a ban.

CoinDCX, India’s largest crypto exchange, wrote in an email to CoinQuora that the news is an “encouraging sign”. CEO Sumit Gupta said that their platform has some of the best talents to help the Indian government deal with crypto.

Gupta added,

We have the bandwidth, the data, and resources to provide any assistance to the FM’s endeavor in this sector. Mrs. Sitaraman’s statement is a sign of the government’s resolve to digitize India and make us self-sufficient.

However, in the interview, Sitharaman noted that the RBI will take the lead in regulating ‘unofficial cryptos’. Also, the RBI has also been working on a central bank digital currency (CBDC).

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.