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Will allow ‘experiments’ in cryptocurrency, says Finance Minister Nirmala Sitharaman

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India will not "shut off" all cryptocurrency, and will allow a window for "experiments",  Finance Minister Nirmala Sitharaman said at a recent public event, vaguely indicating that the Indian government will allow some activity in the cryptocurrency. Speaking at India Today's Conclave South 2021, Sitharaman said that the government has always been clear that it will not shut off all options, and will allow for cryptocurrency experiments in fintech. However, just a day after Sitharaman's comments, Reuters reported on Monday that India will, in fact, ban the trading or holding of cryptocurrencies, quoting a senior government official. The crypto-currency community in the country has been in a tizzy over the past month, ever since the government announced its intention to ban "private" crypto currencies. The government is expected to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing the RBI with the requisite legal powers to develop a central bank-backed digital currency (CBDC), according to an official Lok Sabha Bulletin Part II for the Budget Session 2021 of Parliament. At India Todays's conclave, Sitharaman was asked her take on the cryptocurrency debate, and whether it is inevitable for governments to realise that cryptocurrencies were here to say. This was her reply: "Cabinet note is getting prepared. It is almost nearing completion and then it will taken to Cabinet of course. I have said my view on this, saying Supreme Court had commented on this cryptocurrency. Whilst we…

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