In an interview with CNBC, Indian Finance Minister Nirmala Sitharaman said that reports of a complete ban on cryptocurrencies are inflated. During the negotiations, she said she expected the end result to be more moderate.
She added that the regulations will not be as "strict" as previously reported. Authorities will be "looking inward" and taking a "very calibrated" stance, in contrast to the "mixed messages coming from around the world."
Sitharaman's comments are no doubt a source of relief for crypto companies, users and growers in the world's second most populous country. Earlier this month, a Bloomberg report citing a senior Indian finance minister said the country would ban all cryptocurrencies.
The hypothetical ban has received widespread criticism from across the cryptocurrency community, with some comparing it to an attempt to ban the Internet . However, some companies found the reports to be hot air and continued to grow at a rapid pace.
