Will India Change its Negative Cryptocurrency Stance Soon?

The cryptocurrency situation in India remains very difficult to assess. Most government officials want nothing to do with bitcoin, but can they avoid the inevitable?

As far as Indian Parliament member Dr. Subramanian Swamy is concerned, embracing cryptocurrency is a must.

India Might Push to Adopt Cryptocurrencies Soon

He is one of the few people openly advocating the country to transaction to cryptocurrencies.

That is a bit of an awkward stance, given how India is very divided on this front.

The Reserve Bank of India, for example, has no love lost for bitcoin and altcoins. 

This is despite the bank looking to issue its own central bank digital currency backed by the Indian rupee.

For now, the bank maintains a “ban” on banking transactions involving bitcoin and other similar currencies.

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That decision has caused a fair few problems for the domestic exchanges and trading platforms.

The comments by Dr. Swamy certainly carry some clout, but they might not necessarily be heeded.

India has come up with several initiatives to keep its financial situation in check.

Most of these ventures have proven to be futile in the end.

Opposing cryptocurrencies in this modern era might be another decision that should be revised sooner rather than later. 

A lot can change in the next few months, however. 

Slowly but surely, numerous governments seem willing to give bitcoin the benefit of the doubt.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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