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A new bill is expected to be submitted in the next weeks in India, implying a balanced approach.

India is now reviewing an early draft of a cryptocurrency bill to change it to a more balanced approach. The Indian government appears to have abandoned its earlier idea, which was rather stringent.

While the first draft sought to outlaw cryptocurrency in India, government authorities appear to have taken a more moderate approach, rejecting the idea of an outright ban, as revealed by India’s Finance Minister, Nirmala Sitharaman.

However, some high-ranking officials are providing conflicting messages about the country’s overall situation. For example, the Reserve Bank of India (RBI) Governor, Shaktikanta Das, argues that the number of Indian residents who own cryptocurrency is “much inflated.”

This information appears to contradict government authorities, who claim to have taken a cautious approach due to huge crypto investments by Indian residents.

Overall, it appears that the administration is treading carefully to strike a balance. As Nirmala Sitharaman went on to say: “There will be a very calibrated position taken. The world is moving fast with technology, we cannot pretend that we don’t want it.”

Indian cryptocurrency investors believe that the legislation and general mindset are evolving in the right direction.

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