Indians were put on a spot after rumors regarding the ban of the crypto market in the country surfaced. Nevertheless, the Finance Minister of the country, Nirmala Sitharaman revealed that the Indian government does not plan on waging a ban on the entire crypto-verse.
Every Indian crypto lover was dreading the day the news about the country banning Bitcoin [BTC] along with other cryptocurrencies was made public. The legality of cryptocurrencies has been uncertain for quite a while now. While all the other countries laid out crypto-friendly laws amidst the crypto rally, the Indian government was working differently, Several crypto influencers warned the government suggesting that it would be missing out on several benefits that the crypto-verse holds.
Indian Govt To Open Up “Certain Windows” For Crypto Fans
In a recent interview, Sitharaman revealed that the government had no intention of completely halting any innovations pertaining to Bitcoin or blockchain technology. She pointed out that the cabinet note is still underway and is yet to be finalized. She stated,
“From our side, we are very clear that we are not shutting all options off. We will allow certain windows for people to use, so that experiments on the blockchain, Bitcoins, or cryptocurrency and fintech, which depend on such experiments, will have that window available for them. We are not going to shut it off.”
CBDCs have taken over the financial verse and with every country developing its own digital asset, India lined up too. While she affirmed that the country’s central bank, the Reserve Bank of India would take a call on the official cryptocurrency, the ban or the legality of the crypto industry is still under wraps.
Additionally, the crypto-verse was overwhelmed with the latest news. Nischal Shetty, the founder of the prominent Indian crypto exchange, WazirX shared a tweet expressing his joy after Sitharaman’s interview. Shetty has been urging the government to be more accepting towards crypto with the movement, “IndiaWantsCrypto” for quite a while now,
Shetty further tweeted,