India's Finance Minister clarifies stance on crypto ban: not closing all crypto windows

According to the Times of India on March 15, Finance Minister Nirmala Sitharaman said in an interview that the so-called proposed cryptocurrency ban does not mean closing all cryptocurrency windows.

She said: "Both I and the Supreme Court have made relevant comments. At the same time, the central bank may call for the launch of a central bank digital currency, but we are very clear that we are not going to close all cryptocurrency options." She said that the authorities will allow people to use a certain window to experiment with blockchain, Bitcoin or other cryptocurrencies. At the same time, the cabinet meeting has discussed cryptocurrencies and related plans will be launched soon.

Meanwhile, the Reserve Bank of India is still sticking to its stance on cryptocurrencies, which is seeking a ban on cryptocurrencies. The central bank believes that while it should encourage blockchain technology, it questions the purpose of labeling cryptocurrencies as a currency. The central bank believes that currency is a sovereign right that cannot be transferred to any entity.

Earlier in January, India proposed legislation to ban private cryptocurrencies, which sparked concerns that India would completely ban cryptocurrency activities. Then in February, Indian officials said that India's crypto ban would provide crypto users with a 3 to 6 month transition period.