During an interview on Saturday, Finance minister Nirmala Sitharaman’s stated that India will take a “calibrated” approach to crypto trading that has calmed nerves in the industry.
She further states that “negotiations and discussions” are on with the Reserve Bank of India (RBI) to regulate cryptocurrency.
“Obviously, RBI will be taking a call on what kind of official currency, cryptocurrency will have to be planned and how it has to be regulated,” she said.
Sumit Gupta, the founder o crypto exchange CoinDCX said, “The FM’s stance on ‘considering a calibrated approach’ is an encouraging sign. We are a 100-plus staff company with some of the best talents from premier institutes like IIT,”
“We believe crypto as an asset has huge potential and, if properly administered, can help India earn sizeable revenue,” he added.
Over the past month, the cryptocurrency industry has been urging the government to reconsider a possible blanket ban on crypto trading.
This issue began when the government planned to “create a facilitative framework for the creation of the official digital currency”; this was announced on the agenda for the budget session of Parliament last month.
The bill is expected to “prohibit all private cryptocurrencies in India”, a clause that led many to believe that dealing in bitcoin, ethereum and other crypto-assets may become illegal.
“There have been positive developments around crypto. Ministry officials are taking a judicious approach to create an inclusive regulatory framework. With the recent global developments, the government is of the opinion that a unilateral view of restricting it is not going to help, considering India is at the forefront of the fintech ecosystem. The industry is optimistic with the stance taken and would love to initiate dialogue with the government to resolve any issues,” said Gaurav Dahake, chief executive officer (CEO) of Bitbns.
The largest crypto exchange in India, WazirX’s founder Nishchal Shetty pushed for innovation in the ecosystem via a tweet on Saturday.
Day 856
The #IndiaWantsCrypto campaign is all about ensuring India participates in Crypto
Our FM @nsitharaman has made it clear that India will compete globally in Crypto
Now it’s upon YOU to innovate and grow the Crypto ecosystem
Let’s do it 🚀pic.twitter.com/Iov9DNNJzS
— Nischal (WazirX) ⚡️ (@NischalShetty) March 6, 2021
