India’s Finance Minister says they are keeping an open mind to cryptocurrency

A crypto ban in India is on the ropes for quite some time now. But it has got delayed several times. This is a good thing, but still, there are a lot of speculations about how things may pan out to be. But finally, India’s Finance Minister said that “We’re not closing our minds to cryptocurrency”. And this statement means that we might not see a ban after all. Though, we can definitely expect new regulatory rules that could strictly monitor cryptocurreny trading in the country.

India’s finance minister on Cryptocurreny

Indian investors were worried that a complete crypto ban in India is coming. And the heavy losses that could happen after this could lead to several losses. But as the finance mister confirmed that they are open to experimenting with new technology, a sense of relief is definitely developing among investors. The Indian finance minister confirmed that the talks regarding what is going to happen to crypto in India is in the discussion. And ultimately, the decision will be taken by the RBI on how the regulations are going to happen and how they are going to use the new technology.

India's Finance Minster
Image Source: Wikipedia

The government wants to make sure that they give crypto a fair chance and experiment with it. She also answered an important question on why India wants to ban bitcoin if other countries are not doing so. She said that the responses they are getting from around the world are very diluted. Seeing the fact that everyone is embracing new tech, India can’t pretend to not like it and just run away from the changing technological scenarios.

Still, we can’t be entirely sure about a positive future for Bitcoin other private cryptocurrencies in India. This is because even though India’s finance minister said something, it is completely different from what the Governor of RBI, Shaktikanta Das, said. It seems that RBI might be working on Indian’s own digital cryptocurreny. So, the ultimatum is they could ban popular cryptocurrencies and promote homegrown digital coins in the country. Even Rakesh Jhunjhunwala, a famous Indian investor, said that India should ban Bitcoin. According to him, the right to make currencies should be only in the hands of the sovereign.

What should an investor do?

Well, there is not much one can do about it. As an investor, it is best to keep your eyes and ears wide open for any news. Unless cryptocurrencies get banned in India, there is no point in selling, and if they do, getting out the earliest would be the best. As of now, things look cool and it seems safe to invest in Bitcoin. After all, we are looking at a $100,000 target by the end of 2021 and who would want to miss out on that.

Does the possible cryptocurrency ban in India trouble you? And have you invested in any form of digital coins? If yes, Which coin is it? Let us know everything in the comments below. Also, if you found our content informative do like it and share it with your friends.

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