In India, there is drama ongoing about the banning of cryptocurrencies and there have been germane questions on whether they will ban or not ban cryptocurrencies.
Nirmala Sitharaman, the Prime Minister of India, has on Saturday opined that the reports that the government of India is intending to ban cryprocurencies are unfounded and overstated
The Finance Minister further submitted that it is just a mere regulation of cryptocurrencies , but that such regulation will not be as severe as the reporters has posed it.
The Minister further opined that the regulation will be well carefully articulated step and not something that is being rushed.
However, following years of uncertainty of the banning or otherwise of the crypto in India, the comment of the Minister will be a sort of relief to investors in the world’s second most populous country.
It is pertinent to mention that at one time, India was tending to bring into their criminal justice system, a jail term of ten years for any one with crypocurrencies and which such jail term will go along with a huge fine.
The Indian’s commercial banks also at some time stopped offering services to crypto businesses, in compliance with the ban placed by Indian Central bank on cryptocurrencies and which caused myraids of businesses in India to collapse. Though the ban was carefully upturned by the Supreme Court of India last year.
Finally, the report of the Finance Minister of India, Sitharaman, is in contrast with the report from Bloomberg that stated that crypto assets would soon be completely banned in India and this report came barely last month.