Yet another "crypto ban" turns out to be temporary FUD.

In an interview with CNBC this morning time, Indian Finance Minister Nirmala Sitharaman said that reports of a blanket ban on cryptocurrencies are overstated. While negotiations are ongoing, she said she expects the end result to exist more tempered:

"Yes, a lot of negotiations, discussions are happening, with Reserve Bank," said Sitharaman. "Obviously the Reserve Bank volition be taking a quorum on how, what kind of unofficial currency, cryptocurrency will have to be planned, and how it has to be regulated. But also, we want to make certain that in that location's a window available for all kinds of experiments which will accept to take place in the crypto world."

She went on to say that regulations won't be as "severe" as accept been previously reported. Government will "look inward" and take a "very calibrated" stance, in contrast to the "mixed messages coming in from beyond the globe."

"The world is moving fast with technology. We can't pretend that we don't want information technology. [...] I can only give you this clue: that we are not closing our minds, we are certainly looking at ways in which experimentations tin happen in the digital world, in cryptocurrency and then on."

The comments from Sitharaman is no doubt a source of relief for crypto businesses, users, and hodlers in the world's second most populous country. Earlier this calendar month, a report from Bloomberg citing a senior Indian financial minister said that the country would be banning all cryptocurrencies.

The hypothetical ban drew widespread criticism from across the crypto community, with some likening it to an attempt to ban the Net. Some companies found the reports to be hot air, notwithstanding, and connected on with developments speedily.