Crypto and Bitcoin fans in India are breathing a sigh of relief following a clarification by the Ministry of Finance with regard to crypto possessions. Nirmala Sitharaman, India’s minister of finance, said that the government is working on a clear policy to govern the crypto and blockchain industry rather than instituting a blanket ban on cryptos.
Accommodating Blockchain and FinTech
The minister added that the government is making efforts to accommodate blockchain technology with its underlying beneficial innovations like FinTech.
That means, although India has been struggling with coming up with a proper government for the industry, there will be acceptable windows where the technology will be welcomed for use even though a regulatory framework is yet to be drawn up. Bitcoin is among the “experiments” that the minister thinks will be beneficial if allowed.
The minister’s reassurance comes at a time when some unconfirmed rumors have been circulating, claiming that the Indian government is planning to totally ban cryptos in the near future. Coincidentally, such action would be contrary to a court ruling passed a year ago, when the Supreme Court of India lifted the previous crypto ban in the country.
According to the finance minister, Indian lawmakers will need to come up with a proper legislative framework for the industry.
In a move seen as an effort to dispel the rumors, the minister added that the government is committed to drawing up a “calibrated stance on digital assets.”
That said, it’s safe to opine that the talks of a total crypto ban in India may have been a misconstrued version of the government’s plan to formulate regulatory policies for the crypto industry. India is among the top crypto fanbases across the world.