India’s Exchanges Took A Breather As Government Reconsiders Ban

India’s exchanges took a breather finally as the government decided to reconsider the ban imposed on crypto exchanges with the Finance minister toning down on the previous position that fuelled the fears of a total crypto ban. India’s crypto industry can relax a little as the regulatory frameworks are in the making so let’s read more in our latest cryptocurrency news.

India’s finance minister explained that the government encourages a window of an experiment for crypto and it means that the crypto ban especially for India’s exchanges is off the tables for now. After much speculation about whether the country will implement a crypto ban, the government dropped a hint that it will not do so. The crypto industry representatives said that their constructive engagement with the community finally paid off. Finance minister Nirmala Sitharaman said that the government’s position on crypto will be calibrated and it wants to make sure that there’s are many opportunities for experimenting in the crypto world:

We as an industry are engaging with relevant stakeholders on the proposed crypto bill. Leading crypto companies, VCs, and experts have joined hands to build public awareness among policymakers and public about crypto through #IndiaWantsBitcoin campaign https://t.co/3Ly4kcnURi https://t.co/eFDXd4N6Ja

— Sumit Gupta (CoinDCX) (@smtgpt) March 5, 2021

“A lot of negotiations and discussions are happening around cryptocurrency with the Reserve Bank of India. India’s Central Bank] will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated. So, we are not closing our minds, we are certainly looking at ways in which experimentations can happen in the digital world, cryptocurrency, and so on.”

Day 855

Crypto is a $1.5T market. It is poised to grow 10X to $15T in ten years.

If India does not participate then India loses a large market to other countries.

Crypto can help India realise its $5T economy goal.

Let’s compete and grow our economy 🚀#IndiaWantsCrypto

— Nischal (WazirX) ⚡️ (@NischalShetty) March 5, 2021

The Indian Parliament tabled the “The cryptocurrency and Regulation of Official Digital currency bill 2021” and the bill didn’t quite explain everything but that it only seeks to ban all private cryptocurrencies with a few exceptions and to promote the underlying technology of the cryptocurrency and its use cases. The government also aims for a framework for central bank digital currencies which fueled much anxiety in the crypto industry in the country. The exceptions were only granted to blockcahin technology while still remaining hostile towards cryptocurrencies.

I think @nsitharaman just won the entire Crypto sector in India with this clarity she’s given

India is going to take a calibrated view on Crypto

People of India, get ready to innovate and win.

Crypto Innovation: Here we come 🚀#IndiaWantsCrypto https://t.co/4wFIPPFHOd

— Nischal (WazirX) ⚡️ (@NischalShetty) March 5, 2021

Following the announcement of the draft bill, several leading industry leaders coordinated the efforts to fight off the total ban and to push for a regulatory approach but the statement made yesterday was what the industry was hoping for for a long time.  The CEO of crypto exchange WazirX said that the Indian crypto industry sees this as a sign that the government will not place a ban upon cryptocurrencies:

 “It’s amazing news for the Indian crypto industry. Our finance minister has now made it clear that India will not be banning crypto.
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