Another “crypto ban” proves to be temporary FUD.
In an interview with CNBC that afternoon, Indian Finance Minister Nirmala Sitharaman stated that reports of a blanket ban on cryptocurrencies are self explanatory. While discussions are continuing, ” she said she anticipates that the result to be tempered:
“Yes, a lot of negotiations, discussions are happening, with Reserve Bank,” stated 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 proceeded to state that regulations will not be “severe” as were previously documented. Government will “look inward” and choose a “very calibrated” stance, compared to this “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
The remarks from Sitharaman is undoubtedly a source of aid for crypto companies, customers, and hodlers from the planet’s second most populous nation. Before this month, a report by Bloomberg mentioning a senior Indian fiscal ministry stated the nation could be banning most of cryptocurrencies.
The hypothetical prohibit attracted widespread criticism from throughout the crypto network, together with a few likening this in an effort to ban the Web . Some firms discovered the reports to be more hot air, nevertheless, and proceeded on with improvements apace.