India’s Finance Minister has broken her silence about the controversial remarks about a blanket ban on cryptocurrencies in India. Today Nirmala Sithmaran issued an official and on-record statement about the change of heart regarding cryptocurrency banning policies. As per her updated statement, the Indian government is “not closing minds” and “looking at experimentations” from the crypto world.
The Finance Ministry of India came under fire for issuing a controversial statement about the future of cryptocurrency in the region. Earlier this month, an anonymous source claiming to be the voice of the Indian Finance Ministry exclaimed in an interview with Bloomberg that legislation for an official blanket ban on cryptocurrency dealings is to be expected in the near future.
The Hopeful Indian Hodlers
In the aftermath of this announcement, the hopeful traders and hodlers of local and foreign cryptocurrencies in India started a cold protest against the prospect blanket ban. In an interesting development regarding cryptocurrency, the Supreme Court of India has recently struck down the ban on cryptocurrency usage imposed by RBI or Reserve Bank of India.
After the blanket ban news, major cryptocurrency startups of India like Unocoin came under the danger of extinction. The co-founder and CEO of UnoCoin, Sathvik Vishwanath, expressed his worries in an interview with Bloomberg and said: “If the government bans the cryptocurrencies expect the ones backed by state, it will not make sense to continue our business in India.”
Lack of Cryptocurrency Legislation in Asia
It is to be noted that the many other countries in Asia like Thailand are also in the process of finding their footing in the crypto world and working on a basic legislative body to regulate the flow of cryptocurrency under their economic and monetary jurisdiction.
After the Finance Minister’s office’s current statement, crypto startups and investors in the second most populated country took a sigh of relief. While the blanket ban remarks were subjected to heavy criticism from the global crypto community.
She further added that the finance ministry and Reserve Bank of India are in the process of taking a quorum on how to regulate and plan the unofficial cryptocurrencies. According to her, the Ministry is now prepared to take a view of the internal market potential in India and make the best out of the mixed messages coming from the rest of the world.