As per the latest reports, a minister from India has given hope to the entire cryptocurrency community. The sources reveal that the name of the Indian minister is Nirmala Sitharaman. She is currently a part of the Indian government as the Indian Finance Minister.
Her announcement has proven to be somewhat of a relief for the community belonging to cryptocurrencies. The hope from the finance minister of India has come while the entire community feared the ban on cryptocurrencies in the country.
At present, there is a lot of uncertainty, fear, and doubt among the cryptocurrency community and the industry in India as there are possibilities that the industry might be fully banned in the country.
It was during an interview at India Today on Saturday, March 13, 2021, when Sitharaman had shared the information. She stated that although there are rumors surrounding the complete ban of cryptocurrencies and digital assets, yet the government has no such plans.
She stated that the ministry is not at all thinking about banning the entire cryptocurrency and digital assets sector in the country. Sitharaman added that the Indian government is fully aware of the potential and promising nature of Bitcoin (BTC) in the Indian economy.
She also added that the government knows very well how well the digital asset would prove to be for the country’s economy and revenues. Therefore, the government has no plans of putting a stop to the innovations and advancements of Bitcoin (BTC) in the country.
She also clarified that they also do not have any issues regarding the products and blockchains that are currently linked with Bitcoin (BTC).
Sitharaman clarified that the government is not at all planning to shut off the utility and development surrounding Bitcoin (BTC). She stated that they will allow the cryptocurrency communities to use certain options and elements in the Bitcoin (BTC) sector.
They will be able to perform experimentations and introduce innovations in the cryptocurrency and Bitcoin (BTC) sector. This would ensure that the cryptocurrency community gets to thrive in the country and makes a lot of profit through it.
Sitharaman stated that a cabinet note is being finalized by the Indian ministry to give a final verdict on cryptocurrencies. Once that is prepared, the government of India will make it public to show exactly where it stands with respect to the adoption of cryptocurrencies.
It had been a couple of years since a feud had been going on between the Indian regulators and the cryptocurrency community in the country. Among all the regulators in the country, the Reserve Bank of India (RBI) has turned out to be the most opposing regulator of cryptocurrencies.
At the beginning of the running year, the RBI had submitted a proposal to ban cryptocurrencies in the country. Furthermore, RBI had also proposed to provide a framework for the designing of digital INR if given permission by the parliament.