Indian Finance Minister Nirmala Sitraman has given hope to the Indian cryptocurrency community as more concerns, doubts and doubts arise over the supposed impending ban on digital assets.
In an interview with India Today on March 13th, Sitraman confirmed that the ministry has no plans to shut down Indian innovations related to Bitcoin (BTC) and the underlying blockchain technology.
On our part, we clearly state that we are not closing all alternatives. We will allow certain windows for people who use them to try out blockchain, bitcoin or cryptocurrency. […] And financial technologies that rely on such experiences, this window will be available to them. “We will not shut it down,” she said.
Sitharaman said the ministry is in the process of finalizing the cabinet memo for cryptocurrencies as India continues to clarify its official position on the asset class. Nearing completion, then it is presented to the cabinet. The Supreme Court has commented on the cryptocurrency. She said it is very clear to us that the RBI will call the official cryptocurrency. ”
After India’s Supreme Court lifted the cryptocurrency ban a year ago, reports of a new ban began to spread in early 2021. In February, another anonymous Indian official said the government was in the process of imposing a complete ban on the cryptocurrency, prompting investors to make a decision. Concerning six months to liquidate the property rights.
Reuters released a report on Sunday citing an anonymous senior official who claimed that India was preparing to impose a general ban on cryptocurrencies and heavy fines for violators. The source said that India plans, as part of the proposed bill, to criminalize “possession, issuance, mining, circulation and transfer of crypto assets.”
Despite ongoing reports of the ban from anonymous sources, Sitraman said in early March that the department wanted to create a “standardized” attitude toward digital assets.
Nishal Shetty, founder of the local cryptocurrency exchange WazirX, was bullish on Sitharaman’s comments in a tweet, indicating that it was time to build the Indian cryptocurrency community.
The Reserve Bank of India and the Treasury did not immediately respond to Cointelegraph’s request for comment.