There’s a celebration in the crypto streets as India finally decides to tone down its position that fueled fears of a complete crypto ban. Crypto investors in the region have welcomed the news that a new regulatory framework to facilitate crypto exchanges is currently in the works.
Revealing the news on the country’s business channel CNBC-TV18, Indian Finance Minister Nirmala Sitharaman stated that the government will try to make sure that there’s a suitable window “for all types of experiments in the crypto world”.
#CNBCTV18IBLA | #FinanceMinister @nsitharaman says 'Govt wants to ensure there's a window for experiments in #Cryptocurrency space.' Adds 'There will be a very calibrated position taken on cryptocurrency.' @ShereenBhan @FinMinIndia#Leadersofchange pic.twitter.com/YHEYA9INkf
— CNBC-TV18 (@CNBCTV18News) March 5, 2021
As mainstream firms and organizations flock towards the crypto space, the Indian government is gradually shifting its focus towards the unmissable global trend by formulating a regulatory framework for cryptocurrencies instead of an outright ban.
In January, the Modi government had decided to ban all crypto exchanges, including peer-to-peer (p2p) transactions in the wake of economic uncertainty and protests against the government’s mismatched treatment of its people.
Although India is a bit late to join the party, a window for avoiding marginal – if not complete – economic collapse still exists.