FM´s Latest Crypto Stance Brings Positive Wave in Indian Crypto Community

Some positive vibes came across from India’s Union Finance Minister Nirmala Sitharaman´s response regarding the cryptocurrency space.

Sitharaman stated in an interview with CNBC TV18 on Saturday that the government will take a ´calibrated´ approach to crypto trading in the country. The statement has infused the crypto community of India with hope for the future.

Read more: En Crypto: Has India Missed the Cryptocurrency Bus While Catching Up with it?

India´s popular trading platform BitBns CEO, Gaurav Dahake, told The Tech Panda that the government´s latest stance regarding crypto is bringing in an optimistic wave, paving the way for dialogue.

With the recent global developments, the Indian government is of the opinion that a unilateral view of restricting it is not going to help, considering India is at the forefront of the fintech ecosystem

“There have been positive developments around crypto. The ministry officials are taking a judicious approach to create an inclusive regulatory framework. With the recent global developments, the Indian government is of the opinion that a unilateral view of restricting it is not going to help, considering India is at the forefront of the fintech ecosystem. The industry is optimistic with the stance taken and would love to initiate dialogue with the government to resolve any issues.”

Sumit Gupta, Founder of CoinDCX, told The Tech Panda that the FM´s statement has made the industry more optimistic.

Mrs. Sitaraman’s statement is the sign of the government’s resolve to digitize India and making us Atmanirbhar

“Mrs. Sitaraman’s statement is the sign of the government’s resolve to digitize India and making us Atmanirbhar. We are a homegrown entity, our products are made in India, catering to the appetite of the Indian masses. We care for them and the law of the land. Hence, we diligently follow KYC norms and adhere to regulatory practices. We have always reiterated the need for regulation, taxation, and transparency for our sector. As an Indian fintech firm, we are also building global-level products. We believe crypto as an asset has huge potential and if properly administered can help India earn sizeable revenue,” he said.

“The FM’s stance on ‘considering a calibrated approach’ is an encouraging sign. We are a 100 plus staff company with some of the best talents emerging out of some of the premier institutes of India like IIT. We have the bandwidth, the data, and resources to provide any assistance to the FM’s endeavor in this sector,” he offered.

The Finance Minister also said that ´negotiations and discussions´ are in place with the Reserve Bank of India (RBI) on how to regulate cryptocurrency in India.

“Obviously, the RBI will take a call on what kind of official currency, cryptocurrency will have to be planned and how it has to be regulated,” she said during the interview.

Crypto Regulations in India and around the globe have been a controversial subject matter for a long time. Since the beginning of February 2021, the media has been speculating about the Cryptocurrency and Regulation of Official Digital Currency Bill in India.

Read more: Crypto Barriers Investors Face in India: ´Constant regulatory flip-flopping´ ´Blanket bans´

Sitharaman had said that an inter-ministerial committee (IMC) had suggested a ban on private cryptocurrencies in India, such as Bitcoin. Also, the same committee had proposed the initiation of an official digital currency that was to be properly regulated by the RBI.

Analysts had been speculating that the new cryptocurrency bill was likely to impact certain existing investors who are already investing in private digital currencies like bitcoin within India. However, the latest statement from the FM has brought some relief to the crypto community.