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India’s Finance Minister states Indian Government is exploring ways to experiment with Crypto

India's Finance Minister states Indian Government is exploring ways to experiment with Crypto

India’s Finance Minister Nirmala Sitharaman has hinted the government may not move ahead with the blanket ban on digital currencies and that it’s still forming its judgment on the matter. The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 intends to ban all private cryptocurrencies. The bill also plans to develop a regulatory framework for the Reserve Bank of India’s digital rupee. Nevertheless, the bill also asserted that it would allow specific exemptions to support cryptocurrency’s underlying technology and its applications.

FM Nirmala Sitharaman elucidates that government is concluding its decision towards “experimenting in the cryptocurrency world”. They will have a “very calibrated approach” towards cryptocurrencies. In an interaction with CNBC-TV18, Sitharaman stated consultations and discussions about cryptocurrency are underway with the RBI. The FM’s comments on cryptocurrency contrast with RBI Governor Shaktikanta Das. Currently, he had said the RBI had reservations concerning digital currencies. 

Shaktikanta Das advocated that the apex bank was acting on its digital currency. The RBI does not want to lack in the race of the technological revolution. Moreover, it intends to avail of the benefits of blockchain technology. He stated the apex bank is worried over the impact cryptocurrencies may have on the economy’s financial stability and has communicated the same to the Government. Besides contemplating banning what it termed “private cryptocurrencies,” the government bill also attempts to formulate a framework for an official digital currency or a Central Bank Digital Currency (CBDC). 

India’s famous Crypto Companies launches #Indiawantsbitcoin Campaign

However, last month, India’s leading cryptocurrency companies started a campaign #Indiawantsbitcoin to spotlight the sizeable crypto ecosystem in the nation and the financial possibilities it has devised for millions of Indian investors. The Indian Government is yet to manifest faith in cryptocurrencies officially. Nevertheless, this is not holding down the spirits of the Indian crypto space.

Recently, Unicas, the global crypto-financial ecosystem, launched its third physical branch in New Delhi. It launched its previous branches in Jamnagar and Jaipur. Unicas is famous for enabling its consumers to access fiat and crypto services at the bank. It also offers digital loans utilizing crypto holdings as collateral. This is just the start as the bank plans to introduce 50 more branches by the end of this year and 50 more by 2022. However, it’s too early for the plans when the crypto bill is still hanging in Parliament. 

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