Finally, the Indian Finance Minister has given an indication of what is included in the draft cryptography bill that will be presented to Parliament. She did not talk about a ban on cryptocurrency, but said the government would approach cryptocurrency in a very calibrated way.

Indian finance minister gives clauses on future regulation of crypto.

Indian Finance Minister Nirmala Sitharaman on CNBC-TV18 Townhall on Friday shed her light on the ongoing regulation of cryptocurrency in her country. She began by talking about the contents of the bill and the Indian government’s plans to regulate cryptocurrency since the bill was introduced in parliament.

On cryptocurrency, yes, there are talks [and] negotiations with the Reserve Bank because the Supreme Court decision is very clear that the government should decide on this issue. We are in talks with the Reserve Bank, she confirmed. Well, I don’t know. Let me give you a hint about what’s in it, long before the office takes the call.

She went on to say: Of course, the Reserve Bank will decide how, which official currency, the cryptocard, should be planned and how it should be regulated, but we also want to make sure that there is a window for all kinds of experiments to take place in the world of cryptocards. said the Finance Minister :

And so we’re not going to turn in ourselves and say, no, you know, we’re not going to get anything out of it. A strongly calibrated position is taken.

There is a lot of mixed news coming in from all over the world. I don’t think there is a full movement or a complete movement on this issue, she added clarifying:

We will have to take a very calibrated position. The world is changing rapidly because of technology. You can’t pretend you don’t want to.

The Finance Minister said at the same time that we also recognize that we are leaders in advanced technology. Many countries look to us when it comes to fintech, when it comes to sound measures and what we have done on payments for Duniya.

She concluded: So I can only give you an indication that we are not closing. We are certainly looking at how we can experiment in the digital world, with cryptocurrency and so on.

Minister Anurag Thakur also presented the government position on the regulation of cryptocurrencies.

On Saturday, Minister of State for Finance Anurag Thakur also spoke about the upcoming regulation of encryption in India. He has been quoted in the media as saying that the Indian government is open to evaluating and exploring new technologies, including cryptocurrents, to improve governance:

Let me say that we welcome innovation and new technologies…. Blockchain is an emerging technology. Crypto knowledge is a form of virtual currency. I firmly believe that we should always evaluate, explore and promote new ideas with an open mind.

The minister added that the government will take a decision based on the recommendations of the Inter-Ministerial Committee (IMC) and the proposed legislation. He informed that the Encryption Bill would be brought before Parliament in due course and gave his suggestions and views on the matter.

Do you think India will still ban Bitcoin? Let us know in the comment section below.

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