Another “crypto ban” turns out to be a temporary FUD.
In an interview with CNBC, Indian Finance Minister Nirmala Sitharaman said this morning that reports of a general ban on cryptocurrencies were overrated. During the ongoing negotiations, she expects a milder end result:
“Yes, there is a lot of negotiations going on with the Reserve Bank,” said Sitharaman. “Obviously, the reserve bank will have a quorum as to how, which unofficial currency, cryptocurrency has to be planned and regulated. But we also want to make sure that there is a window available for all kinds of experiments that need to take place in the crypto world. “
She went on to say that the regulations will not be as “strict” as previously reported. The authorities will “look inward” and adopt a “very calibrated” attitude, as opposed to the “mixed messages from around the world”.
“The world moves fast with technology. We can’t pretend we don’t want to. […] I can only give you this hint: we are not closing our thoughts, we are certainly looking for ways in which experiments in the digital world, in cryptocurrency etc. can take place. “
Treasury Secretary @nsitharaman says, “Government. wants to make sure there is a window for experimentation in the cryptocurrency space. “⁰Time for India to innovate and shine! @FinMinIndia pic.twitter.com/fbSH2hzTC4
– BlockchainedIndia (@blockchainedind) March 6, 2021
Sitharaman’s comments are undoubtedly a source of relief for crypto companies, users, and hodlers in the world’s second most populous country. Earlier this month, a report from Bloomberg, citing a senior Indian finance minister, said the country would ban all cryptocurrencies.
The hypothetical ban met with widespread criticism throughout the crypto community. Some compared it to an attempt to ban the internet. However, some companies found the reports hot air and moved forward quickly.
