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India Reconsiders Complete Cryptocurrency Ban

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  • India’s Finance Minister says the government will allow room for crypto experimentation.
  • The statement has given hope to the Indian crypto community.
  • The Reserve Bank of India (RBI) is expected to lead the way for cryptocurrency regulation.

India’s Finance Minister Nirmala Sitharaman has given hope to the Indian crypto sphere. In a recent interview, he implied that the Indian government will not totally ban crypto.

Sitharaman recently said that the Asian subcontinent will keep “a window available for all types of experiments in the crypto world.”  A report that seems to oppose the Crypto Bill was proposed in January.

Specifically, the crypto bill proposes a complete ban of all cryptos while allowing for the promotion of its underlying tech. This fueled fear in the Indian crypto sphere and led to various counter campaigns.

However, pressure groups like the Association for Blockchain, Crypto and Digital Asset Entrepreneurs (ABCE), and the Blockchain and Crypto Committee (BACC) drove government engagement. As a result, their efforts have been noted as having helped change the government’s view of crypto.

Also, ABCE noted that the government asked detailed questions. The government’s curiosity led ABCE to believe it was thinking of taking a regulatory stance instead of imposing a ban.

However, in the interview, Sitharaman noted that the RBI will take the lead in regulating ‘unofficial cryptos’. Also, the RBI has also been working on a central bank digital currency (CBDC).

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