The crypto community is ecstatic as India eventually agrees to soften its stance, which had sparked fears of an absolute crypto ban. The news that a new regulatory structure to encourage crypto exchanges is in the works has been welcomed by crypto investors in the area.
Indian Finance Minister Nirmala Sitharaman announced the news on the country’s business channel CNBC-TV18, saying that the state will work to ensure that there is an appropriate window “for all forms of experimentation in the crypto world.”
As conventional businesses and organizations swarm to the crypto space, the Indian government is increasingly turning its attention to the undeniable worldwide trend by developing a regulatory structure for cryptocurrencies rather than explicitly banning them.
In the face of economic instability and demonstrations against the government’s mistreatment of its citizens, the Modi government decided to suspend all crypto exchanges, including peer-to-peer (p2p) transactions, in January. While India is a little late to the group, there is still time to prevent a marginal – if not full – economic meltdown.