After months of speculation on whether India will implement a blanket ban on cryptocurrency, the government has finally stated that it will not.
India’s Finance Minister, Nirmala Sitharaman (https://twitter.com/nsitharaman), said on India’s business channel, CNBC-TV18, yesterday that the government’s stance on cryptocurrency will be reviewed and that it wants to make sure there’s a window available for all types of experiments in the crypto world.
Nirmala also confirmed there were a lot of talks and negotiations going on with the Reserve Bank of India about cryptocurrency and that India’s Central Bank will make a decision on if and how cryptocurrency should be regulated going forward.
The news doesn’t mean cryptocurrency is being officially accepted, but it does indicate that India are keeping an open mind with regard to cryptocurrencies and other digital developments.
This news comes as a dampening of India’s stance back in January, where they were campaigning for a ban on cryptocurrency with the exception of a few aspects, such as the blockchain technology itself.
The Indian crypto industry, according to Nischal Shetty, CEO of crypto exchange WazirX, sees this as the clearest indication yet that the government would not go ahead with a blanket ban on cryptocurrencies, as previously feared.
The next step for Shetty and others in the crypto industry fighting a ban is to get the government to include the crypto industry in policymaking.
The latest announcement is expected to calm India’s regulatory FUD, whether it is part of a global trend or an insular shift.