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Indian Finance Minister: Banning cryptocurrencies may not happen and the government may try new technologies

Source:

The Indian Minister of Finance said that the government is open to experimenting with new technologies and that the government’s mind is open to modern initiatives.

Sitraman stated that the government is in discussions with the Reserve Bank of India and will take a very careful approach on the issue.

According to the Finance Minister, necessary measures will be taken regarding cryptocurrencies after the conclusion of deliberations with members of the Cabinet and the Reserve Bank of India (RBI).

The minister revealed that the Reserve Bank of India is involved in a lot of discussions and negotiations related to cryptocurrencies and will receive a call on how to deal with and regulate unofficial cryptocurrencies.

In an interview with “CNBC-TV18” yesterday, “Sitraman” stated:

We want to make sure there is a window available for all kinds of experiments that need to be conducted in the cryptocurrency world.

It’s not like we’re going to look inward and say we’re not going to get any of this.

There will be a very adaptive attitude.

According to the Minister of Finance, the Indian government is not averse to new technologies, and therefore the government’s position on cryptocurrencies will be adapted to the current global situation with digital currencies.

And she indicated that by saying:

Since the globe is moving fast with technology, the Indian government cannot look the other way.

In fintech, India is leading the way and many countries are looking to emulate fintech based developments in India.

Cryptocurrency stakeholders in India – who have been lobbying to support positive regulation of the industry against outright banning – welcomed the minister’s recent statement.

Plans to issue a national digital currency:

The Finance Minister’s comments on cryptocurrencies have given new hope regarding the government’s plan for digital currencies.

In late January 2021, the government unveiled plans to prepare new legal regulations and present them to the country’s House of Representatives.These legal regulations stipulate the ban on private cryptocurrencies such as Bitcoin and instead create a framework for introducing an official digital currency to be issued by the country’s central bank.

In 2018, the RBI banned all cryptocurrencies, a move aimed at protecting the country’s financial system.

But in 2019, the Supreme Court of India required the government to establish policies and regulations to regulate the crypto market.

In 2020, the Supreme Court revoked the RBI ban and this was a big win for domestic cryptocurrency users, and the Supreme Court ruling enabled a massive increase in cryptocurrency trading volumes in the country.

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