The Indian finance minister said there would be a "calibrated position" taken on cryptocurrencies during an interview. An earlier government bill proposed a total ban.
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NEW DELHI, Feb. 19, 2021 /PRNewswire/ Recently, the Ministry of Finance as per Lok Sabha Bulletin Part II, The Cryptocurrency and Regulation of Official Digital currency Bill, 2021, has indicated that the Government of India is planning to introduce a ban on trading and investment in private cryptocurrencies and allow the Reserve Bank of India (RBI) to develop and run its own digital currency, referred to as Central Bank Digital Currency (CBDC). This has triggered many conversations within media and the crypto market at large about the misconception of how the government defines cryptocurrencies (as private or public). Globally, top cryptocurrencies like Bitcoin, Ethereum, and other blockchain-based decentralised assets are not viewed as private in nature, but rather more as Decentralized public assets, traded on public exchanges.
The dedicated crypto entrepreneurs association known as ABCE - Association for Blockchain &, Crypto and Digital asset Entrepreneurs, is aimed to try to bring together a fragmented industry and engage in a dialogue with the government.