India’s early draft of a cryptocurrency bill is being reviewed at the moment, with the intent to modify it towards a more “balanced approach.” It seems that the Indian government has abandoned the rather strict initial proposal.
While the primary draft aimed at banning crypto in India, the government officials seem to have adopted a moderate attitude and set the notion of an absolute ban aside, as confirmed by Nirmala Sitharaman, India’s Finance Minister.
However, several high officials are sending mixed signals about the overall position of the country. Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), claims that the number of Indian citizens holding crypto is “highly exaggerated.”
This information seems to contradict the government officials that claim to have adopted the moderate approach because of Indian citizens’ large investments in crypto.
All in all, it looks like the government is approaching carefully, as it aspires to find balance. As Nirmala Sitharaman further elaborated: "There will be a very calibrated position taken. The world is moving fast with technology, we cannot pretend that we don't want it."
The Indian crypto investors have faith that the legislature and overall attitude seem to be moving in the right direction.