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 allBy 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 GandhinagarFinance 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.