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Digital currencies are not banned in India

India’s economy minister says there is no global ban on the use of digital currencies. He also referred to digital currencies as “windows” for experimentation and experience.

to the the report Coin Telegraph, Indian Economy Minister Nirmala Sitharaman said in an interview with CNBC that the general ban on digital currencies is an exaggeration. He said he expects the final results to be adjusted while negotiations are under way. He added:

Yes, there is a lot of negotiation and discussion with the central bank. Obviously, the central bank will consider the required majority on how, what kind of informal currency, digital currency to plan for, and how to legislate it. But we want to make sure that a window is open to all experiences in the world of digital currency.

The Indian economy minister added that the regulations would not be as strict as before and that, contrary to the various messages heard from around the world, the authorities were looking inward and taking a balanced stance. He added:

The world is moving fast with technology. We can not pretend that we do not want such a thing. I can only give you this clue: we do not close our minds, we are definitely looking for ways in which experiments in the digital world, digital currencies and the like may be done.

Undoubtedly, Sitaraman’s remarks facilitate businesses active in the field of digital currency, users and investors of these currencies in the second most populous country in the world. Earlier this month, a report from Bloomberg quoted a senior Indian Economy Ministry official as saying that the country would ban all digital currencies.

The ban was widely criticized in the digital currency community, with some calling it an attempt to ban the Internet. Some companies considered these reports nonsense and continued to develop rapidly in this space.


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