As we all know, the market is affected, in essence, constantly, either by smaller or larger administrations, either by individuals or by governments themselves adopting new laws. Such a new law may soon be approved in controversial India, as confirmed by Indian Finance Minister Nirmala Sitharama. But what makes this law significant? The approval of such a law may definitively lay down rules for custody, trading, and potentially for the extraction of cryptocurrencies.
The current situation was also clarified by the Minister of Finance Nirmala Sitharaman, who confirmed that currently, the law is still awaiting approval by the government, which already has a new law on cryptocurrencies. We do not yet have official information on whether this law will be strict and restrictive or rather support the industry. However, according to the BFSI, there is already some information that a total ban on cryptocurrencies other than those issued by the state is likely to be recommended.