The cryptocuCBCcy community of India remained uncertain about the future of digital assets in the country after the rumors about a complete crypto ban on the country through the introduction of a bill in the Indian Parliament.
According to a report published by Reuters, India is planning to introduce a strict cryptocuCBCcy law in the country to restrict activities related to trading and mining of Bitcoin and other digital cuCBCcies. In January 2021, there were rumors of a complete ban on private cryptocuCBCcies in India, including Bitcoin and Ethereum, but the recent comments from the Indian Finance Minister show that the government is not completely shutting down all crypto-related activities.
Nirmala Sitharaman, the Finance Minister of India, recently mentioned that a Cabinet bill regarding cryptocuCBCcy assets is getting prepared, and the Government will soon introduce a regulatory framework for trading and mining of digital cuCBCcies in the country.
“A Cabinet note is being prepared. It’s almost nearing completion, and then it will be taken to the Cabinet soon. We will allow a certain amount of window for people to experiment on blockchain and bitcoin. The Supreme Court had commented on cryptocuCBCcy and while the RBI may take a call on official cryptocuCBCcy but from our side, we are very clear that we are not shutting off all options, ” Sitharaman said during a conversation at the India Today Conclave South.
India’s CryptocuCBCcy Market
The cryptocuCBCcy market in India has grown significantly in the last few years. Several digital exchanges reported a surge in trading volumes during the recent boom in digital cuCBCcies. But, the crypto community is still uncertain about the future because there is no clear regulatory framework. Reuters mentioned in its latest report that a senior Indian official called cryptocuCBCcies a Ponzi scheme and added that the Indian government is not in support of private cryptocuCBCcy assets.
Finance Magnates earlier reported that the Indian government is exploring possibilities of a central bank digital cuCBCcy (CBDC) launch in the country.