It is no longer news that authorities in India have been looking to impose a blanket ban on the use of cryptocurrencies in their region. However, new information emanating from the authorities show that they might be reconsidering their earlier stance about digital assets.
India’s minister of finance, Nirmala Sitharaman, in a recent interview with CNBC discussed the government’s current position on the subject of crypto. According to the minister, there are ongoing discussions with the Reserve Bank of India (RBI) about the proposed crypto ban. In her words,
A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. However we want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world. There will be a very calibrated position taken. A lot of mixed messages are coming from across the world. World is moving fast with technology, we cannot pretend that we don’t want it.
The Indian government had planned to impose a crypto ban with the hope of developing the country’s central bank digital currency (CBDC) project. The planned crypto ban was met with a high level of resistance by crypto enthusiasts who registered their displeasure through a social media campaign tagged #IndiaWantsBitcoin. Apparently, the campaign is getting the desired effect as shown by the comments of the minister.