The government's proposed cyrpto-currency legislation will adopt a calibrated approach in order to allow innovation and experimentation in the space, even if there is a national digital currency."We are not closing our minds, we are certainly look at ways in which experimentations can happen in the digital world and crypto-currencies," Finance Minister Nirmala Sitharaman told CNBC TV-18 in an interview last week. Sitharaman said that globally, there is no clear approach towards crypto-currency regulations. However, with the world moving fast with technology, India should not stand to lose out, she said.. "A lot of negotiations and discussions are happening with the Reserve Bank of India, because the Supreme Court order is very clear that the government has to take a call on the matter. Obviously, the RBI will take a call on what type of official crypto-currency will be planned and regulated. But also we wnat to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. Therefore, it is not like we are going to look inwards. There will be a very calibrated position taken"—Finance Minister Nirmala Sitharaman Over the last month the crypto-currency industry in India has been thrown into a tizzy, ever since the government said it would introduce a new law which would ban “private” crypto-currencies. The government announced that it would introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing…
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