Cryptocurrency Legalization In India
According to the recent reports, India could legalize cryptocurrencies. The news broke after meeting of the inter-ministerial committee which tried to create a complete report concerning on cryptocurrencies.
Almost two months ago, an India’s trade organization claimed that cryptocurrencies were illegal in the Asian country. As it turns out, now things can change.
The crypto ban…
First, the government formed a panel in March 2017 concerning the topic of cryptocurrencies. The panel recommended a total ban on digital assets in India.
After that, the Reserve Bank of India declared that all cryptocurrencies are illegal. Financial institutions under regulations of this institution were forbidden to offer services to crypto companies. Later, the crypto ban was challenged in the Supreme Court. Thanks to that, the new group was formed.
Last year, the inter-ministerial committee was brought to life to focus on the cryptocurrency regulation. The first committee consisted of members from the Central Bank of India, the Ministry of Finance, the Ministry of Home Affairs, the Ministry of Electronics and Information Technology, the Reserve Bank of India, the National Institution for Transforming India (NITI Aayog), the State Bank of India and the Central Board of Direct Taxes. Members from the Securities and Exchange Board of India were added to the second group.
…no longer here?
According to The New Indian Express, a government panel has already met two times. It seems like the committee is in favour of legislating for cryptocurrencies. One of the senior members of the group, who wants to stay anonymous, said:
“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon.”
According to the news, the panel wants to submit the report to the country’s Ministry of Finance as soon as next month.
Besides the meetings, the committee has also consulted crypto exchanges and experts about the matter.
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