According to a prosed bill, India is planning to ban private cryptocurrencies. The government added that, with the help of the Reserve Bank of India (RBI), they would create and regulate an official central bank digital currency (CBDC).
“We want to make sure that there is a window available for all kinds of experiments which will have to take place in the crypto world . . . We are not closing our minds.”
Another topic that arose was a proposed clause to allow cryptocurrencies to be owned as an asset but not be used as a currency or for payment. This is still under debate due to swift changes in the crypto world.
Even though the situation is looking a little unstable, according to Sitharaman, it is more likely that ‘unofficial cryptos’ will be regulated rather than just banned, stating, “There will be a very calibrated position taken.”
Overall, the crypto environment in India is not seen as a negative element, but is considered with caution and thought for the future.