New reports of India's crypto ban re-emerge after finance minister said a 'calibrated' position will be taken

Quick Take

  • New reports of a crypto ban in India have re-emerged after the country’s finance minister recently said a “calibrated” position will be taken.
  • Reuters reported Monday that India will propose a law banning cryptocurrencies in almost all forms, including trading, holding, and mining.

The Indian government is reportedly planning to ban cryptocurrencies after all.

New reports of the ban have re-emerged after the country's finance minister recently said a "calibrated" position will be taken on cryptocurrencies.

On Monday, Reuters, citing a "senior government official," who has "direct knowledge of the plan," reported that India will propose a law banning cryptocurrencies in almost all forms, including trading, holding, and mining.

The report comes shortly after recent comments made by India's finance minister Nirmala Sitharaman, who said: "We are not closing our minds. We are certainly looking at ways in which experimentations can happen in the digital world, in cryptocurrency, and so on."

These comments gave hope to India's crypto businesses at the time, although the finance minister did not detail what kind of experiments will be allowed.

In a new interview with India Today on Sunday, Sitharaman provided further details. She said experiments around blockchain technology would be allowed.

"We will allow a certain amount of a window for people to use so that experiments in blockchain, bitcoin or whatever you may want to call it the cryptocurrency experiments, and fintech which depend on such experiments will have that window available for them," said Sitharaman. "We are not going to shut it off all."

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