India Inclined To Explore Cryptocurrencies: FM Hints About Crypto Regulations

Indian Finance Minister Nirmala Sitharaman recently disclosed some clues about the new Cryptocurrency Bill that will be soon introduced in the parliament. Revealing no explicit intention to ban cryptocurrencies, she informed that the Indian Government will follow a ‘very calibrated’ approach to crypto trading.

While sharing information about the bill, the finance minister for the first time shed some light on the content of the bill. She further spoke about the plan of the government on regulating cryptocurrencies.

She confirmed that a lot of discussions and negotiations on the process to regulate cryptocurrency in India are going on with the Reserve Bank of India. Further in her interview, she added that the Reserve Bank of India is supposed to take a decision on what kind of cryptocurrency will need to be planned. Also, RBI will take a call on how it has to be regulated.

FM’s stance on cryptocurrencies and the associated calibrated approach is positive news. The cryptocurrency industry in the country has been encouraging the government to think again about a possible blanket ban on crypto trading and cryptocurrencies in India. During the budget session, the government had proposed a plan to design a facilitative for the creation of the country’s official digital currency. The bill was also supposed to forbid all other cryptocurrencies in India. This had made many to believe that dealing in Ethereum, Bitcoin and other crypto products was to become illegal in India.

Expressing his views, Union Minister Anurag Thakur said that a cryptocurrency is a form of virtual currency. He said he strongly believed that new ideas associated with cryptocurrency must be explored, evaluated and encouraged with an open mind.    

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