After much speculation about the crypto ban in India, Finance Minister Nirmala Sitharaman has finally delivered the expected news. Speaking at India Today Conclave, Sitharaman said India will “not close all cryptocurrencies” and will allow some “experimentation” with technology as an alternative form of payment.
India will not ban cryptocurrencies completely
These encouraging words came at a time when there was a lot of speculation about the crypto ban in India. India’s central bank, RBI, has started hinting that a crypto ban will come in the last few months.
This announcement is seen as a very positive announcement for the Indian crypto community, which is waiting on the sidelines for some positive developments. The statement by the Minister of Finance of India also drew attention to the arrival of Bitcoin (BTC) on the day it reached its all-time high of $ 61,000.
“We’ll allow experiments”
Sitharaman also acknowledged the fintech developments taking place in India. She suggested that blockchain technology is the backbone of FinTech and crypto and therefore should be a window for some experiments. The Minister of Finance added:
“From our (ministry of finance) perspective, we are very clear that we have not closed all options. We will allow people to experiment on blockchain, Bitcoin or cryptocurrencies. We will not cover them all. ”
For the first time, the Minister of Finance has stated that India openly acknowledges developments in the fintech environment:
“There are many studies in the field of fintech and blockchain in India and we will definitely encourage it. We have a few presentations. A lot of work is taking place at the level of some states. “