About a month ago, an anonymous Indian official hinted of a looming blanket ban on all crypto transactions in the country. The source claimed that the government would give crypto hodlers six months to dispose of their assets. However, India’s finance minister commented in a recent interview that the government is not planning a blanket ban on cryptocurrency.
The Indian government appears to be in a mixed state regarding cryptocurrency in the country. In January, India’s parliament introduced a bill to prohibit all crypto transactions. The information came from a source who claimed to be a top official of the finance ministry.
This bill will forbid all crypto transactions, including mining, trading and even crypto exchanges. The source said that there would be a six-month window of grace for crypto hodlers to liquidate their crypto holdings. Earlier this month, the Internet and Mobile Association said that the government should provide a regulatory framework as opposed to a ban.
On Monday, the country’s finance minister, Nirmala Sitharaman said that the country is not planning a complete crypto ban. She said the government will instead allow for blockchain or cryptocurrency experiments to aid the growth of the Fintech industry. However, the country’s inconclusive action has thrown the industry’s stakeholders into confusion.
Indian Government Will Support Fintech Companies Indian Finance Minister
While the proposed bill to ban cryptocurrency is in its final stages, the crypto community in the country has continued to express their concerns. However, the finance minister said that they are ready to support Fintech companies exploring blockchain, noting that the Asian country has a big advantage.
This is not the first time the government has proposed to ban crypto activities in the country. In 2018, the Supreme Court rejected a crypto ban that prohibited local banks from rendering crypto services. However, the Indian government said it is looking at the possibility of exploring the digital rupee.