Nirmala Sitharaman, Minister of Finance of India, said in an interview with CNBC this morning that the extensive ban on cryptocurrencies is exaggerated. She said that while negotiations were going on, she expected the result to be more moderate:
“Yes, there are many negotiations and negotiations with Reserve Bank. Obviously, the Central Bank will have a sufficient majority on how, what kind of informal currency, the cryptocurrency to be planned and how it should be regulated. But we also want to make sure there is a window for any experiment that needs to happen in the crypto world. “
The minister also said the regulations would not be as “heavy” as previously reported. The authorities will “look inwards” and take a “very calibrated” stance, as opposed to “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 the following tip: we are not closing our minds, strictly in the digital world, cryptocurrency, etc. we are looking at ways in which experiments can be done. “
— BlockchainedIndia (@blockchainedind) March 6, 2021
Sitharaman’s comments are undoubtedly a source of relief for crypto businesses, users and hodlers in the second most populous country in the world. Earlier this month, a report in Bloomberg citing the Indian finance minister said the country would ban all cryptocurrencies.
The hypothetical ban sparked widespread criticism across the crypto community, with some comparing it to an attempt to ban the internet.