Amidst the talks of the clouds looming over the future of cryptocurrency in India, It has strongly indicated towards a possible co-existence between digital currency and its existing monetary system and it couldn’t have come at a better time.
Even though, it is still not clear whether or not the government of India will accept cryptocurrency trading whole heartedly or not, the honourable finance minister of India, Mrs Nirmala Sitharaman in a recent interview has hinted on how the government is looking at exploring the various possible outcomes of cryptocurrency in India, in order to come to a concrete decision.
She talked about getting mixed signals from the world regarding cryptocurrency which is why the government has not been able to take one firm decision on it. It has not made up its mind on either completely banning it or totally sanctioning the cryptocurrency trade in India. She also added the point that the Indian government is looking to experiment with it to see how the country responds to it.
” Yes a lot of discussions are happening with the Reserve Bank (on cryptocurrency). I don’t want to give you a clue about it before the cabinet takes the decision. The reserve bank will obviously take call on planning and regulating the cryptocurrency.
But also, 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 and therefore, we can’t look at it (cryptocurrency) and say there won’t be any of this. There will be a very calibrated position taken ” – Nirmala Sitharaman, Finance Minister of India told this in an interview to CNBC TV 18 Network.
The role of technology can not be overlooked : FM
The finance minister also acknowledged the importance of technology in shaping up a country’s policies which again, gives a valid reason to the government as well as a strong and positive message to the investors and potential investors on how India may deal with bitcoin and other cryptocurrencies in the market.
” A lot of mixed messages are coming from across the world. I don’t think there is a complete go this way or complete go that way in this matter. World is moving fast with the technology and we can’t pretend we don’t want it. I can only give you this clue that we are not closing our minds and we are certainly looking at the ways in which experimentations can happen in digital or cryptocurrency world. ” – The finance minister added.
The fact that government is acknowledging the blockchain technology and is willing to consider the ways of exploring the best outcomes of digital currency sends crypto lovers in a sense of elation.
Mixed signals every now and then
Earlier, RBI governor Shaktikanta Das had sent a mixed signal to the market when he had talked about having major concerns with cryptocurrency in an interview given to the same television network. At the same time, he had also acknowledged the blockchain technology and had suggested Indian government to exploit its benefits.
In an other interview, the Minister of State for Finance and Corporate Affairs, Mr Anurag Thakur had hinted at regulation and not the ban when asked about the future of cryptocurrency in India .
It is not a secret that the policy makers of the whole world and not just India have a mixed opinion on cryptocurrency. They find it exciting but threatening at the same time which is why the whole area needs to be looked upon very delicately and the discussions should be about eliminating all the negative outcomes related to it and exploiting the benefits of cryptocurrency.
However, despite the finance minster’s positive hints, the future of cryptocurrency in the country still remains uncertain and we will have to wait a bit more longer to hear the final verdict at it.