- India’s Finance minister delivered hope to the Indian crypto sphere.
- Pro-crypto groups have requested the government to establish legal regulations.
As a matter of fact, the Indian government is almost in the process of completing the approval of the digital asset in the country. Also, the government is analyzing a potential Central Bank Digital Currency (CBDC).
This made the founder and CEO of WazirX India react in a tweet post:
There you go! #Bitcoin crypto will NOT be shut off.
CBDC does not mean shutting off other Crypto assets & utilities.
India, your time is here. Time to BUIDL and win 🚀
— Nischal (WazirX) ⚡️ (@NischalShetty) March 14, 2021
In addition, the Association for Blockchain, Crypto and Digital Assets Entrepreneurs (ABCE), and the Blockchain and Crypto Committee (BACC), encouraged government engagement. As a result, their works have been noted as having helped improve the government’s crypto view.
Looking back, the Indian government intended to ban all sorts of private cryptocurrencies in the country. As a result, many investors in India requested the government to establish legal regulations. In this way, both government and private crypto companies can work together in building a great crypto community.
Moreover, the statement made by Sitharaman brings hope and joy to the crypto investors and citizens of India. If this regulation comes to life, India will be added to the list of countries that embraced cryptocurrency.