India, seen as one of the largest markets in the cryptocurrency sector, is on the agenda with cryptocurrency bans. Although the ban, recently imposed by the country's central bank, was lifted by a court order, the introduction of a new ban has caused reactions.
Finance Minister Announces Cryptocurrency
A clear statement came from the country's finance ministry on the news that India will again ban cryptocurrency trading under pressure from the central bank. Indian Finance Minister Nirmala Sitharaman said in a statement on the issue that there will be no general ban on cryptocurrencies and this is exaggerated.
The media and users are exaggerating this, he said, but regulation will still come to the cryptocurrency sector. Sitharaman stressed that the cryptocurrency sector will be in a much better position with regulation, and said that the complete ban is out of the question.
Cryptocurrencies Will Not Be Banned Completely
The Finance Minister confirmed that there are currently talks on this issue and that the central bank is at the end of them. India's Central Bank has the power to ban or regulate cryptocurrencies, he said, but noted that as a government, they are aware that this must be done appropriately.
A previous ban on the cryptocurrency sector has completely halted all activity in the country. Although the intention of the central bank is again assumed to be such a fundamental ban, Sitharaman's statement shows that this will not be allowed.
There Is Room For Startups In The Cryptocurrency Sector
The most striking part of the announcement by the Finance Minister was the government's thinking. Sitharaman stressed that the government definitely wants to leave room for experiments and initiatives in the cryptocurrency sector. This indicates that a basic cryptocurrency ban will not come.
Cryptocurrency regulations are certainly a big problem all over the world and it is known that cryptocurrency regulations are made in Turkey.