Few days back the RBI governor clearly stated that an outright ban on cryptocurrency is needed. Now the IT minister contradicts the RBI governor statement by saying
No issue with cryptocurrencies in India if laws are followed. Such statements are creating more confusion among the Indian cryptocurrency community rather than giving assurance. This will only lead to trust defecit among the community against this government. Everyone knows that the government would eventually bow down to RBI decision. The only way to challenge any negative decision on crypto is to take such matter to the courts which has been done in the past. What do you guys think? Does such statements help the community or create more confusion & panic?
SourceThe statement provided highlights with the confusion and lack of consistency in the government's position on cryptocurrency in India. It also expresses frustration with the apparent contradiction between the statement of the RBI governor and the IT minister.
Yes, these contradictory statements are creating confusion among the Indian cryptocurrency community, and it will lead to a lack of trust in the government's ability to make clear and consistent decisions on the matter. Furthermore, it is stated that the government will likely follow the RBI's decision, which further diminishes any hope for clear and consistent regulations in the near future.