India has been against cryptocurrency for like ever. Till now, all the news regarding cryptocurreny, especially Bitcoin and Ethreium, were negative, and analysts suggested that a ban was impending. But the recent statements by some of the officials have brought some relief to investors. The Finance minister of India said, “We’re not closing our minds to cryptocurrency”. It doesn’t mean that they will not ban cryptocurreny, but the authorities might properly discuss it before making any decision. We can also expect regulation regarding the trade of Crypto in India so the governments can track the transactions.
Bitcoin going legal in India?
Well, based on what Anurag Thakur, Minister of State for Finance, said, it actually could. He said that a High-Level Inter-Ministerial Committee was appointed to make Bitcoin a lawful and legal tender in the country. The committee’s work will be to do proper research and provide their understandings and findings. And once the government goes through these findings, they will propose an appropriate bill to the parliament. He also said that since Blockchain is a new technology, it is important for us to explore it with an open mind.
Anurag Thakur also added that the committee appointed as members of the central government would pass their recommendations to the government. I feel banning something because it is new isn’t a good idea and doesn’t show India’s good image. And based on what we are hearing recently, this could actually be avoided.
Other statements on cryptocurrency by Indian officials
The finance minister said a few days back that they are open to experimenting with new technology. This statement on Bitcoin and other private cryptocurrencies stabilized the market and made retail investors less cautious about their investments. But one important thing among all this is that no official has clearly suggested anything about the ban on cryptocurrency. As of now, they are also in discussion with the RBI regarding the future of cryptocurreny in India. And we might even see a new digital coin launch very soon.
But it is not all green as there are officials and prominent individuals that have spoken strictly against it. The governor of RBI said that that crypto could have a strong negative effect on India’s financial system. And there are major concerns about the new technology that RBI has been seeing. It does seem that the RBI might be working on its very new digital coin homegrown in India. And saying that they are thinking with an open mind about crypto doesn’t mean a ban might not happen. In fact, a ban could take place, and India might release its own digital coin that is regulated by the government.
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