India's Finance Minister says reports of 'Blanket' Crypto ban are just Exaggerated

By: Mark Jessy

March 7, 2021 2:56 PM

It's has been widely reported that the Indian government might be ready to unveil a blanket ban on cryptocurrencies.

Nirmala Sitharaman an Indian finance minister, has eased such rumors stating there might be no blanket ban on the horizon, with the Indian authorities open to experimenting.

In a recent interview with CNBC, the Indian finance minister said that reports of the country imposing a blanket ban on cryptocurrencies are exaggerated. Although, talks are ongoing as she expects the results to be a little mild from what has been circulating the globe.

Nirmala Sitharaman said during the interview:

"a lot of discussions are happening, negotiations with Reserve Bank (RBI)," she went on and added: " it's obvious the RBI will be taking a selected number of person on how cryptocurrency will be planned, what kind of unofficial currency and how it can be regulated."

We also want to keep and open window for all sorts of experiments which will have to take place in the crypto industry, she said.

During the interview Nirmala also clarified that regulations won't be severe as it has been circulated globally. She also added that the Indian government recognizes the world is moving fast with technology and can't deny they don't want it.

She added: 

"one clue I can give is that we are not going to close our minds, we will certainly be exploring ways in which experimentation can happen in the cryptotocurrency space and so on."

The speculative ban drew widespread criticism from across the global crypto community, with some persons likening it to an attempt to ban the internet.

Sitharaman comments are no doubt a sigh of relief for India crypto companies, users, and holders in the world’s second-most populous nation, with the crypto market having experienced exponential growth over the years in the country.