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“We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. It is not as if we are going to look inwards and say we are not going to have any of this. There will be a very calibrated position,”

https://twitter.com/CNBCTV18News/status/1367810414679977987 (https://twitter.com/CNBCTV18News/status/1367810414679977987)

Not enough emphasis on what should be the main concern: "..cryptocurrency will have to be planned and how it has to be regulated".

So, to my Indian friends, non-custodial wallets are your best friend especially if it's the case that your government calls for a ban(but more of illegalization).

We can't really say whether this should be taken in a good way or not because the term "experiments" can be taken as

1. Experimenting with CBDC
2. Experimenting with native cyptocurrencies within India
3. Experimenting Bitcoin and altcoins.

If it's the third then it might be a good sign since it might lead to regulation and eventually acceptance of cryptocurrencies in India as a whole.
If it's one of the first two then it will simply they will be prohibit the use of cryptocurrencies than the ones created in India or by the RBI.

To be honest, the Indian government has only been making ambiguous statements when it comes to crypto and doesn't really have a clear mindset right from the beginning.

If i'm not wrong India was banning Cryptocurrency Before right? and just saw the tweet that your shared and really curious about what kind of "experiments" and basically this means Indian Govt View to Cryptocurrency especially Blockchain was changed? From my opinion The only reasonable Experiments is CBDC which is normal since some country was Experiminting this too like China, Indonesia, Well looking forward for another update.

If we talk about the great Indian financial minister you cannot trust anything she says, a couple of years back when there was a economic slowdown in the automobile industry she came up with a claim that the reason for the recession is millennials as they book Uber and Ola rather than buying automobiles  :D.

 So do not expect things that are a bit complex will be easier for these politicians to understand and i am sure the change in these statement from the past months is because of the influence by the cryptocurrency group formed by the exchange owners who had multiple talks with the ministers to revise their decision of a blanket ban.  

In January, the Indian Parliament presented the ‘Bill on Cryptocurrencies and the Regulation of Official Digital Currencies, 2021’ for discussion during the current parliamentary sessions on the country’s budget.

The purpose of the bill was described as creating a facilitating framework for the central bank's digital currency issued by the RBI and for "banning all private cryptocurrencies in India".

If this happens and the only coin allowed is the one supported by the government as a whole, I think it will make the whole crypto market in India meaningless.

The response from the Indian community on Twitter was positive. If the Finance Minister in India needs to take a very calibrated position on crypto to regulate it. Indian crypto enthusiasts are eager to wait for the law to allow them to handle their crypto without problems. Anyone would like it and as time is short, the time to act is now. Already other nations are taking a step forward with innovation and India with human and technological potential should target cryptocurrencies as well.

Cryptocurrencies in India is far beyond to be banned, the bank of India is doing all in its capacity to ban cryptocurrencies but it is getting turned down, the fear of crypto ban recently in the country also escalated but there are more positive news recently that cryptocurrencies will not be banned in India, it will only be regulated.

Your advice is the truth, be it ban it no ban, it is better to make use of noncustodial wallet, that is the best crypto pet crypto users can have.

Cryptocurrency has come to stay and Indian nation ahs a great role to play as they make up a significant percentage of the world's population. Therefore, they should create and enact laws that will further encourage crypto related activities as it will only put them in front as concerning things that relates to crypto.

At least, they are positive about it now. And they are open about possibilities in dealing with cryptocurrencies. But give them time to decipher what is needed to approach crytpo. Because let us admit, most government officials don't know how to deal with crypto, the reason why they don't know how to approach it. Formulating laws is difficult if you have no idea what you are talking about.

In my view, I think that eventually India will be adopting strict regulations towards cryptocurrency and not really to totally ban its use and trade. Or so I am hoping. India does not have to follow the path taken by China and Russia. With a good base of young people, India has a big potential to be an important player in the global cryptocurrency industry and this can be one of the best ways its economy can leapfrog into the future. All the business surrounding cryptocurrency can be a way to be bringing foreign currency to the local market especially if those businesses are playing with the global market. Let's see what can be in India.

The government is trying to work things out, they know they can't stop cryptocurrency even if they ban it so there will be adjustments in the end and the government realized that already. But I would really be worried when it comes to the banking system. Users should be preparing for platforms where they can have their own keys and at the same time can trade freely.

Yea but despite them failing to ban it, people should already be taking extra safety precautions knowing that they actually want to ban it. Also, even if they fail to ban it totally in the long run, who's to say that there isn't going to be tight regulations? Better safe than sorry.

Sounds like a positive move from Indian government. Atleast they are open for new experiments regarding cryptocurrency. Aside from banning it, there are tons of alternative solution like just implementing some regulations regarding this matter.
Glad there is one who stand and propose other constructive solution and reconsider the feelings of Indian crypto enthusiasts.

There are many positive signals, this interview was telecasted on mainstream financial media. The cabinet has not yet approved the bill and there is a big chance that the gates will not be closed completely.

I also watched Nischal Shetty's (CEO WAZIRX) interview on this topic and he sounds very positive. You can watch the video here -  https://www.youtube.com/watch?v=Ruez8R8L3bM


P.S - The interview is in Hindi.

Its weird that they keep talking about ban etc.
They can only choke the on and off ramps and ban themselves from bitcoin thereby risk losing total visability and driving it underground.
They have to come to terms that there will be a parallel Bitcoin economy worldwide that no one can control.
So it is wise to have a government initiative to acquire/mine bitcoin and encourage Indian citizens to do so also.

Elections are around the corner and the government has realized that they can't suddenly antagonize 15 million strong Bitcoin users in India. Already they have suffered huge losses due to the government policies. When the Bitcoin rally had just started, the government came up with the proposal to ban cryptocurrency. A lot of investors sold their coins at a loss, only to see the prices increasing by 200% in the next two months.

Typical politicians, promising to help the people whenever their needs are to be met. To everyone who are going to vote, please refrain from voting the people who are hypocrite, those who oppose a publicly favored policy and then suddenly changing their minds when the election day is nigh. These kind of hypocrisy will destroy the people little by little because once they are on that seat, their promises is as good as gone.

The Indian government has pushed for a ban on the use of bitcoin or crypto currency in India and this is supported by its own prime minister and many other parties. The government of India does not recognize cryptocurrency as a legal means of payment and will take action to remove crypto assets from India. Another proposal is about providing 10 years in prison for people who violate the rules for using cryptocurrency.

In addition, India is now focusing on creating its own digital assets, which is focusing on digital rupees and staying away from the use of cryptocurrency.

This statement by the indian finance minister seems to be a positive one. Recently we were hearing that bitcoin will be ban in india but after this statement it seems that they want to regulate bitcoin. They may have understood by now that it is not possible for them to ban the crypto altogether while other countries are accepting it.

Sure. But then can definitely illegalize cryptocurrencies and ask local exchanges to lock up everyone's funds. Not because cryptocurrencies are mostly trustless it doesn't automatically mean that the government has zero power against it; remember that your typical cryptocurrency exchange isn't decentralized.

Whats been stated is possible, but for some reason if the exchanges were not providing with the required information to the government. The exchanges weren't decentralized, but government can't get precise data. The market control is not in anyone's hands. It is not the government, not the exchanges. Based on this I state Indian government will make attractive statements keeping in mind the upcoming elections on different states of India.

That's a diversion technique she is using. It is as per the standard of the entire cow cabinet whenever they need to avoid further criticism on any pending decision. Whoever rejoicing, will have to take the facts into consideration. RBI is dead against the cryptocurrency model anyways so when the Finance Ministry is saying that they will consider the responses from the related agencies, RBI will never accept the proposal of experimentation.

Don't rejoice! Look at the facts!

It's good that the position is not to fully ban cryptos. They want to regulate them somehow, but I think they intend to make tough regulations (a very 'calibrated' approach, according to the Minister). India has been very unstable when it comes to cryptos, introducing and lifting bans multiple times if I remember correctly. But at least the Minister didn't say that cryptos are used for illegal stuff and should thus be banned or something. They have to come to some sort of agreement which would be okay to various interested parties, so I guess we just have to wait to see how this actually goes.

Agreed. The finance minister and her cronies were very adamant and stubborn, before they realized that cryptocurrency users represent a very large and influential community in India. And there is no guarantee that they won't go back to the previous stance once the elections are over. We can never trust this type of politicians. Unless they explicitly state that a ban won't be implemented in the near future, I urge everyone to vote against them.

The Indian government is in final stages to submit the bill in the parliament and they are experimenting the usage of Cryptocurrencies in different ways.They have already praised the blockchain technology and are in favour of using it to develop its own digital coin by the RBI.The crypto enthusiast and Exchanges have United to start a initiative to regulate cryptocurrencies in India as mentioned by Nischal Shetty CEO of wazirX leading crypto exchange of India.The bill is yet to be submitted in the current session but the hints have been given by finance ministers Nirmala Sitaraman that most probably the government is trying to regulate the Bitcoin and other cryptocurrencies instead for going on complete ban on their usage. Actually the government has not still not able to understood how they could regulate or use Bitcoin and other alts in efficient manner and they are in experimental talks with RBI to try to figure it out by making a committee for such decisions.But hope for the best because India is one of the leading market of crypto users.

Yes it's positive but i suppose they are experimenting on the Blockchain and issuing their own CBDC And still banning other cryptocurrency? Not really sure too and i'm not and India Citizen but they politicians have same character as the Politicians in my country (Indonesia), From my own opinion they are just avoid criticism like some post before said? Well let's see, Really hope India Crypto Community can enjoy Crypto Legally like my country.

Just like other countries planning to implement their centralized digital currency on top of blockchain, i hope it wont be successful and will die off eventually just like petro issued by the Venezuela government.

This is a confusion every country has on how to regulate a decentralized currency and so is the reason it is taking this time time to come up with a regulation.

Why wouldn't India license crypto platforms? After all, this gives a sense of security to new crypto traders. Binance, ownr, coinbase, trust-they already have an MSB license. Why shouldn't India make a similar license?

It is unfortunate that it has to happen like this, but we don't know what will happen in the future because we have to admit that India is a country that is fairly advanced technology, and has been recognized by the crypto world. they have known crypto for a long time and cannot be separated from this.

We have to keep thinking positively that the Indian government is doing this already carefully thought out, whether the impact is beneficial or even detrimental.
you can be sure that the crypto community there will not be lulled by silence for long and they will definitely get freedom again. because the impact will be clearly seen in the future after this runs.

I would say its a very diplomatic answer. The answer is not clear yet but I am still optimistic. We certainly don't know what kind of experiment they will do I hope they will consider all the aspects and will not make haste before coming to any conclusion about crypto coins. Till then we can just wait and watch and hope for the best.

She's diplomatic, because state elections are near and she don't want to antagonize any of the demographic groups. There are 10-20 million cryptocurrency users in India, and cryptocurrency has become very popular even in the rural areas. But then there is always a possibility of these people going back to their hostile stance once the elections are over. Even now, they are not giving a clear answer, and this makes me suspicious. I believe that they are being diplomatic only because of the elections.

Lol, why is your government so confused about crypto currencies. I have been seeing people complain that their government is about to ban crypto currencies for about years! Yet, they still haven't done so. Why is that?
The last time I saw a new thread being created where someone was saying that India is about to ban bitcoin for real this time and then they are going to come up with their own centralized crypto currency. One thing I don't understand is, why do they have to ban bitcoin first? Don't they understand how "stupid" they would look if they ban bitcoin but then make their own currency?

An anonymous source, who is believed to be a senior official in the Indian Ministry of Finance, claims that the use of cryptocurrencies will soon be completely banned in India.

The source claims that the use of cryptocurrency in all its forms will be banned under a new law that is expected to be introduced in parliament soon.
Crypto investors are expected to receive a three- to six-month transition period to liquidate their holdings after the new law goes into effect, the source said.
The official stressed that the crypto assets had been targeted by Indian lawmakers due to a lack of support from the Reserve Bank of India (RBI).

https://www.bloombergquint.com/economy-finance/new-bill-to-ban-all-cryptocurrencies-except-official-digital-currency-by-rbi

I see it that they're just making this issue longer to let the people that they're trying to understand it. And whatever this experiment that they might bring up any time sooner.

I only think of one thing.

Regulation and taxes.

It's still unclear but there's a light with those words and hopefully, they'll give a clear answer soon and will just make it worry free specially for the crypto people in India.

Dude, this article is two months old and a lot of new developments have taken place after that. The news about a blanket ban on cryptocurrency broke in January this year, when the proposed bill was listed in the parliament website. But the cryptocurrency exchanges and user groups in India waged a social media campaign, and as a result of this, the government is rethinking on their strategy against cryptocurrency. We still don't know whether they have decided to legalize cryptocurrency or not. Regional elections are scheduled for next month, and until they are over the government may not take any drastic step on this regard.

Yes, because it is very unfortunate if it will be carried out, but of course it needs a thorough research and analysis before it will be implemented. but it is difficult to determine the direction to take. but looking at the experiences that have existed it seems unlikely that will happen, because if you look at this the diplomatic element is very high, because it is mixed up with the situation and the policies to be taken. I am very sure that there will be a solution and diplomacy.