India govt’s comment on crypto brings relief to industry

New Delhi: With Union Finance Minister Nirmala Sitharaman saying that all windows on cryptocurrencies will not be closed down, industry stakeholders said that a positive move at this point can unleash a host of opportunities for the country.

Her comments at an India Today conclave last week came amid speculation that the government may ban cryptocurrencies in the country.

“The very fact that the FM has mentioned willingness to experiment, shows the government’s resolve in bringing about a digital revolution. Collaborative efforts between stakeholders like us and the government is a must,” Sumit Gupta, CEO and Co-founder of cryptocurrency exchange CoinDCX, said in a statement.

The Finance Minister made it clear that the government intends to allow certain windows for people to do experiments on blockchain, bitcoins or cryptocurrency.

Reacting to her comment, Gupta said that research and development will provide scope for a robust fintech ecosystem to be developed within India.

“The focus will be to build and explore new indigenous products and financial technologies, while strengthening our monetary policies and accelerating technological development,” he said.

India’s leading cryptocurrency players, represented by IAMAI (Internet and Mobile Association of India) last week appealed to the government of India not to ban cryptocurrency, while saying that a robust mechanism to regulate the ecosystem is needed.

The government has listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction, consideration and passing in the current session of Parliament.

Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC).

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