Finance Minister Nirmala Sitharaman spoke out after a lot of speculation about the bitcoin and crypto ban in India! Speaking at the Conclave of India Today, Sitharaman said that India “will not shut down any cryptocurrency and will instead permit certain “experiments” on technology as an alternative form of payment.

Bitcoin and Crypto Speculation in Finance Ministry and Reserve Bank of India

Well, these encouraging words just come at a time when the crypto-interdiction has been repeatedly reported in India. In recent months, India’s central bank – the  Reserve Bank of India(RBI) – hinted at a crypto-ban.

For the Indian crypto community, this is a very good statement, which was looking forward to a positive development in this area. Furthermore, the statements of the Indian Finance Minister come when Bitcoin (BTC) reaches a $61k all-time high.

Check the current Bitcoin and Crypto price here.

The fintech developments in India are further recognised by Sitharaman. She said blockchain technology is the backbone of FinTech and cryptography and therefore the window for some experiments should be available.

The Finance Minister added:

From our (the finance ministry’s) side we are very clear that we are not shutting all options. We will allow a certain window for people to do experiments on blockchain, bitcoins, or cryptocurrency. We are not going to shut it off all

By Finance Minister of India

India’s Emerging FinTech Landscape

The Minister of Finance openly recognized the developments in India’s fintech landscape for the very first time.

On fintech, on the blockchain, there is a lot of work going on in India and we will certainly encourage that. We have got several presentations. Much works at some states level are happening. And we want to take it in a big way in IFSC or Gift City in Gandhinagar

Finance Minister Added

These encouraging words will give retail crypto-investors in India a lot of relief. And encourage them to invest in Bitcoin and Crypto Altogether.

Read out the previous discussion here.

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency There is no question that cryptocurrencies have established a new investing sector. With the value of digital currencies such as Bitcoin over ...
Read More
Crypto Tax In India Guide

Tax on Cryptocurrency In India – Complete Guide 2022

Wondering how taxation on crypto works in India? How much do you have to pay tax on cryptocurrency in India? How 1% TDS is levied on crypto? Don’t worry we ...
Read More
shutterstock 659324809 1 1U2yg5

New Cryptocurrency Bill Advances to Senate in Brazil

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if ...
Read More
shutterstock 2041962896 6krKZj

USDC Sees Native Launch on Avalanche

USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge ...
Read More
zztidodf pkpJUN

Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs

On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ...
Read More
Share with Others