The committee charged with providing recommendations for the regulatory framework surrounding cryptocurrencies in India is reportedly evaluating the legalization of the asset class under strong regulation. According to a recent report, “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal.”
Also read: Report: Indian Government Panel Submits Crypto Recommendations
An article published by the New Indian Express on Wednesday claims that the second inter-ministerial committee appointed to discuss the country’s stance on cryptocurrencies is not completely convinced of outlawing the asset class and is looking to legalize it under strong regulation.
The committee is headed by the Department of Economic Affairs’ secretary, Subhash Chandra Garg. It consists of officials from the Reserve Bank of India (RBI), the Securities and Exchange Board of India, and the Ministry of Electronics and Information Technology. An unnamed official was quoted by the publication as saying:
We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon
Jaitley’s comments echo similar remarks by the RBI. The central bank issued a circular in April, giving all banking institutions under its control a three-month window to close all ties with cryptocurrency companies.
The banking ban imposed by the RBI has influenced cryptocurrency trading behaviors in India. Exchange-escrowed peer-to-peer (P2P) trading volumes have reportedly soared in the months following the decision, indicating that the Indian people’s desire to use and hold cryptocurrencies has not been entirely dampened by the ongoing regulatory uncertainty.
Although the government of India has yet to announce a formal stance on the matter, the Indian crypto community remains optimistic that the government will end up lifting the ban and will formulate positive regulations in the upcoming months. The next meeting of the committee is scheduled for January 2019.
What do you think will be the outcome of these meetings? Will the Indian government embrace cryptocurrencies and lift the ban? Let us know in the comment section below.
Images courtesy of Shutterstock.
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
The post Report: India Evaluating Cryptocurrency Legalization Under Strong Regulation appeared first on Bitcoin News.
Source: NewsBtc
The XRP Ledger (XRPL) is set to undergo a series of substantial enhancements that promise…
Data shows the Bitcoin Open Interest as a percentage of its market cap has been…
Michael Saylor, the tech entrepreneur who steered MicroStrategy into a Bitcoin behemoth, is back in…
Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the…
On Wednesday, ETH, the native coin of the Ethereum blockchain experienced a significant rejection at…
Arthur Hayes, the co-founder and former CEO of BitMEX, recently shared his thoughts on the…