India has been in the spotlight regarding cryptocurrency regulations for over the last year. The country appears to be unsure, though, of what stance to take towards the growing popularity of blockchain technology. Digital assets linger under a cloud of confusion as regulations remain undecided.
The most recent announcement by the Indian Parliament was to proceed toward a ban on private cryptocurrencies. Moreover, it considered forbidding all cryptocurrencies in the future. The bill was under review as the government sought to clarify its stance towards digital assets. The country also announced it would be considering implementing its own Central Bank Digital Currency (CBDC).
However, recent news states that Finance Minister Nirmala Sitharaman has spoken out on the ban. Sitharaman mentioned that the Indian government is holding talks with the Reserve Bank of India to consider an agreed position on cryptocurrencies.