India’s finance minister said the government is open to experimenting with new technologies and the government’s mind is open to new initiatives.

Sitramman stated that the government is in discussions with the Reserve Bank of India and will take a very careful approach on the matter.

According to the Finance Minister, necessary actions will be taken regarding cryptocurrencies after the conclusion of deliberations with Cabinet members and the Reserve Bank of India (RBI).

revealed The Minister stated that the Reserve Bank of India is involved in a lot of discussions and negotiations related to cryptocurrencies and will receive a call on how to deal with and regulate unofficial cryptocurrencies.

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In an interview with CNBC-TV18 yesterday, Sitraman stated:

We want to make sure that we have a window open to all kinds of experiments that need to be done in the crypto world.

It’s not like we’re going to look inside and say we’re not going to get any of this.

There will be a very adaptive attitude.

According to the Finance Minister, the Indian government is not averse to new technologies, and therefore the government’s stance on cryptocurrencies will be adaptive to the global situation with digital currencies.

She indicated this by saying:

Since the globe is moving fast with technology, the Indian government cannot look the other way.

In the field of Fintech, India is leading the way and many countries are looking to emulate the Fintech-based developments in India.

Cryptocurrency stakeholders in India who have been pressing to support positive industry regulation against outright bans welcomed the minister’s recent statement.

Plans to issue a national digital currency:

The Finance Minister’s comments regarding cryptocurrencies have given new hope regarding the government’s plan on digital currencies.

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In late January 2021, the government revealed plans to prepare and submit new legal regulations to the country’s House of Representatives. These legal regulations prohibit private cryptocurrencies such as Bitcoin and instead create a framework for introducing an official digital currency to be issued by the country’s central bank.

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In 2018, India’s central bank, the RBI, banned all cryptocurrencies, a move aimed at protecting the country’s financial system.

But in 2019, the Supreme Court of India asked the government to put in place policies and regulations for the crypto market.

In 2020, the Supreme Court overturned the ban on the Central Bank of India (RBI) and this was a huge win for local crypto users, and the Supreme Court’s decision enabled a massive increase in crypto trading volumes in the country.

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