With Union Finance Minister Nirmala Sitharaman saying that all windows on cryptocurrencies will not be closed down, industry stakeholders on Monday said that a positive move at this point can unleash a host of opportunities for the country. Her comments came amid speculation that the government may ban cryptocurrencies in the country.
"The very fact that the FM has mentioned willingness to experiment, shows the government's resolve in bringing digital revolution. Collaborative efforts between stakeholders like us and the government is a must," Sumit Gupta, CEO and Co-founder of cryptocurrency exchange CoinDCX, said in a statement.
The Finance Minister made it clear that the government intends to allow certain windows for people to do experiments on blockchain, bitcoins or cryptocurrency.
Reacting to her comment, Gupta said that research and development will provide scope for a robust fintech ecosystem to be developed within India.
"The focus will be to build and explore new indigenous products and financial technologies, while strengthening our monetary policies and accelerating technological development," he said.
India's leading cryptocurrency players, represented by IAMAI (Internet and Mobile Association of India) last week appealed to the government of India not to ban cryptocurrency, while saying that a robust mechanism to regulate the ecosystem is needed.
Good governance and regulation of the cryptocurrency ecosystem in India will give impetus to the government's Digital India vision, IAMAI said.
"The (FM's) statement comes as a huge encouragement for the entire industry and we are eagerly waiting for the government to give more clarity on the regulatory framework around crypto assets," Shivam Thakral, CEO, BuyUcoin, said in reaction to the Finance Minister's comment.
"We strongly believe that time has come for India to embrace digital assets and benefit from the growth offered crypto assets."
The government has listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for introduction, consideration and passing in the current session of Parliament.
Reports indicate that India probably aims to launch its own digital currency i.e. Central Bank Digital Currency (CBDC).
This measure will be in line with many central banks which have begun planning to issue their own digital currencies.
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