Bitcoin Might Not Be Banned in This Country

Cryptocurrency traders in India have something positive to look forward to after Finance Minister Nirmala Sitharaman said that the government might not ban bitcoin and other cryptocurrencies. In an interview she said, “We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. It is not as if we are going to look inwards and say we are not going to have any of this. There will be a very calibrated position.”

What position the government will take will come after discussions with the RBI (Reserve Bank of India). “A lot of negotiations and discussions are happening around the cryptocurrency with the Reserve Bank of India. RBI will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated,” she added.

However, RBI Governor Shaktikanta Das had said that the RBI is skeptical about cryptocurrencies. On February 24, Investing.com had reported how Das had said that the Indian central bank had “major concerns” over cryptocurrencies. Das said he had communicated his concerns to the government.

The Indian government has been against the trading of cryptocurrencies and had issued a ban on the same back in 2018 which was later overturned by the Supreme Court.