Indian Finance Minister Nirmala Sitharaman has given the Indian cryptocurrency a glimmer of hope as more fear, uncertainty and doubt circulates about the allegedly looming ban on digital assets.
“It is clear to us that we are not stopping all possibilities.” We will allow certain windows for people to experiment with blockchain, bitcoins or cryptocurrency. […] and fintech who depend on such experiments will have this window available. We won’t turn it off, “she said.
Sitharaman said the ministry was finalizing a cabinet note on cryptocurrencies as India continued to formulate its official position on the asset class. “He is nearing completion and then he will be taken to the cabinet.” The Supreme Court commented on the cryptocurrency. It is quite clear to us that the Central Bank of India will accept a call with an official cryptocurrency, “she said.
After A year ago, the Supreme Court of India lifted the ban on cryptocurrenciesNews of a new ban began circulating in early 2021. In February another anonymous Indian official claimed that the government is about to introduce a total ban on cryptocurrency, which will give investors up to six months to liquidate their shares.
On Sunday, Reuters published a report quoting an anonymous senior government official who claimed that India was going to enforce a blanket ban on cryptocurrencies and impose severe penalties on violators. Under the alleged bill, India plans to criminalize “possession, extradition, mining, trafficking and transfer of cryptocurrencies,” the source said.
Despite reports of a ban on anonymous sources that continue to appear, Sitharaman said in early March that the ministry wants to form A “calibrated” attitude towards digital assets.
Nischal Shetty, founder of the local cryptobourse WazirX, looked optimistic about Sitharaman’s comments on a tweet when he said it was time to build an Indian crypto community.
Here you go! #Bitcoin the crypto is NOT closed.
CBDC does not mean shutting down other cryptocurrency assets and instruments.
India, your time is here. It’s time to BUIDL and win
– Nischal (WazirX) @ (@NischalShetty) March 14, 2021
The RBI and the Ministry of Finance did not respond immediately to Cointelegraph’s request for an opinion.