India is considering testing cryptocurrencies instead of banning them, will the situation change?
After past negative developments, India could turn its attention to cryptocurrencies once again. According to Finance Minister Nirmala Sitharaman, the country can count on the possibility of moving from a complete ban to testing cryptocurrencies in the market.
India is considering testing cryptocurrencies instead of banning them, will the situation change?
India has been at the center of cryptocurrency regulations for the past year or so. However, the country seems uncertain about the stance it should take on the growing popularity of blockchain technology. In January 2021, India proposed a ban on cryptocurrencies. Even just a month after the proposal, India continued to close the door to cryptocurrency investment in various forms.
However, recent news reports that Finance Minister Nirmala Sitharaman has spoken out about the ban. Sitharaman mentioned that the government is holding talks with the reserve bank to review a unified stance on cryptocurrencies.
The finance minister firmly believes that India will look the other way as technology continues to evolve globally. India is still an important player in the financial technology sector. Hence, the ban on cryptocurrency technology will directly affect India’s ability to lead the world.
He declared:
“We want to make sure that there is a measure for all cryptocurrency experiments. There will be a very well-calibrated test.”
Cryptocurrency supporters in India have been actively sharing Sitharaman’s recent statements. Co-founder and CEO of Indian exchange CoinDCX, Sumit Gupta, has spoken out about recent developments. Gupta believes the latest announcement is an encouraging sign for the company.
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— Sumit Gupta (CoinDCX) (@smtgpt) March 7, 2021
It seems that the recent surge in crypto adoption around the world has prompted the government to reconsider the ban and the final decision to start turning to a more aggressive open order for the market in the country. this.
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