India Expects a “Calibrated Position” - Crypto Ban Was a FUD

Ashna  |  Mar 7, 2021

The Finance Minister of India, Nirmala Sitharaman, finally breaks the silent treatment on the crypto ban with an open window for experimentation in India. With that note, yet another rumor of crypto ban in India has turned out to be nothing more than a FUD.

Cryptocurrencies Won’t Be Overlooked in India

At a town hall of CNBC, Nirmala Sitharaman pointed out the previously alleged ban on cryptocurrencies to be overstated while stating the ongoing negotiations to expect more tempered end results. 

“Yes, a lot of negotiations, discussions are happening, with Reserve Bank,” said Sitharaman. “Obviously the Reserve Bank will be taking a call on how, what kind of unofficial currency, cryptocurrency will have to be planned, and how it has to be regulated. But also, we want to make sure that there’s a window available for all kinds of experiments which will have to take place in the crypto world.”

With a seemingly open take on the crypto world, that too for the first time, the Finance Minister assured Indians of a wide-open window for cryptocurrency experimentation, further stating "we won’t pretend it’s (cryptocurrencies) not important." 

A Sigh of Relief for Indian Traders

Going on to talk about the mixed messages coming in from across the world, she also expects a calibrated position without a “look inwards” take from the authorities.  

“The world is moving fast with technology. We can’t pretend that we don’t want it. [...] I can only give you this clue: that we are not closing our minds, we are certainly looking at ways in which experimentations can happen in the digital world, in cryptocurrency, and so on.”

After being hit by a possible ban on cryptocurrencies one too many times, including a quite recent report from Bloomberg citing an anonymous senior finance minister claiming that India will be banning all cryptocurrencies, Indian traders, users, hodlers, etc. have finally found a concrete statement about the future of cryptocurrencies in India to their benefit. The words of Nirmala Sitharaman have sent a wave of relief throughout the country that is responsible for contributing massive trade volumes to the crypto market.

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