In one interview In an interview with the local news broadcaster News 18, the former Indian finance minister Subhash Garg rejected the concept of holding a “private cryptocurrency”. Bitcoin quickly rebounded above $ 58,000 on November 30th.
Source: TradingView
Garg, while emphasizing the enormous potential of cryptocurrencies and blockchain technology, stated that the concept of banning private cryptocurrencies was a mistake.
Recent debates in Congress appear to have raised concerns about a crypto ban, although there is no clear indication of the scope of the ban. Cryptocurrency prices plummeted in India after Parliament announced it would introduce and list 26 new bills during its winter session, including Cryptocurrency and the Regulation of Major Digital Currency Bill, wake, 2021.
To allay concerns, the former finance minister stressed that no measures to ban cryptocurrencies have been drafted or considered by the cabinet. In the meantime, Finance Minister Nirmala Sitharaman informed Parliament today that the previous bill on cryptocurrencies is being revised and a new bill could be tabled soon. While the advertising of cryptocurrencies is likely to be banned, efforts are being made to educate investors.
India’s crypto sector as one of the world’s fastest growing markets for trading cryptocurrencies continues to attract international interest.
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