The Minister of Finance of India made new statements regarding the cryptocurrency ban, which is on the agenda. The statement made crypto money users hope.
New statement on the cryptocurrency ban from India!
The news that India is preparing a bill to ban cryptocurrencies started to be reflected in the media frequently. Rumors about the ban continue. Every day, news based on an Indian official is in the press. As the rumors continued, a statement came from Indian Finance Minister Nirmala Sitharman. The Finance Minister stated that the government will not block all options regarding cryptocurrencies.
Speaking to India Today, Nirmala Sitharaman’s statements are as follows:
“We are determined not to close all options. We will open a specific window for people to use, so that users will have a specific window for cryptocurrency experiments, regardless of Blockchain, Bitcoin, whatever name you want. There are many studies on fintech and Blockchain in India, and we strongly encourage them. ”
Sitharaman’s statement came right after the news that India would ban cryptocurrencies. Reuters was basing the report on a government official whose name he did not reveal.
In previous reports, it was stated that crypto asset holders will be given six months to liquidate their assets before the bill is about to come to parliament. It was stated that it was not clear whether those who did not obey the ban would be imprisoned or not.
The Parliament of India first introduced a bill in January 2021 to ban all private cryptocurrencies. Sitharaman’s recent statements contradict previous reports on the upcoming crypto ban.
Meanwhile, crypto asset holders in India have expressed concern about the government’s planned crypto ban. In early March, the Internet and Mobile Association of India (IAMAI) stated that it asked the government to consider regulating the crypto industry, rather than a ban.
The rise in bitcoin price makes the market happy, especially worrying regulators. While the crypto market welcomed Bitcoin’s ATH above $ 60,000, an alarming news from India came to the fore.
A senior government official in India announced that they are working on a law proposal that would even ban crypto as an investment asset.
The offer in question, if it becomes law, could be one of the harshest measures taken so far against cryptocurrencies. As this situation makes it a crime to hold, publish, mining, trade and transfer crypto money in India; It will also leave a huge gap in the Asian crypto market.
On the other hand, India has reached a very important position especially in P2P payment methods.
The Indian government announced in January 2021 that it is working to ban “private” cryptocurrencies such as Bitcoin and to issue an official digital currency. But the current offer goes beyond that.