While many countries are still working on the crypto regulations, major Asian country India has also shown interest to legalize the crypto assets. Most countries are testing the potential of digital assets by implementing them into the workflow. In that case, India is also expecting to have its crypto wave.
Recently, an Indian governmental committee has revealed that it could legalize cryptocurrencies while having strong terms and conditions attached. According to reports, an interdisciplinary committee formed by the government to evaluate cryptocurrencies does not believe in the outright ban on cryptos.
An unknown senior official who was present at the committee’s meetings said, “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.”
Reportedly, Previous government panel meetings in the country concluded a complete ban on cryptocurrencies in the country earlier in December, emphasizing that “any kind of dealing in such currencies should be treated as illegal.”
The Indian government has set up this most recent second inter-ministerial committee in April 2017, in the leadership of Subhash Chandra Garg, with an aim to examine the existing legal framework related to digital currencies. Notably, members of the Ministry of Electronics and Information Technology, RBI, Securities and Exchange Board of India and the revenue secretary are part of the committee.
The committee is supposed to recommend new measures to deal with the technology while addressing issues such as consumer protection and money laundering. It will also deal with the conflicting opinions on the Reserve Bank of India’s (RBI) ban on cryptocurrencies. The committee is scheduled to submit its new report to the country’s finance ministry by February 2019.
In India, as the exchanges intend to prevent their businesses from failing, they filed legal petitions to overturn the RBI ban at the country’s supreme court. The court has asked the government to provide its opinion on cryptocurrencies within two weeks.
Also, the official added, “We have also taken inputs from cryptocurrency exchanges and experts and will be examining legal issues with the law ministry. It’s a complicated issue. Once all aspects are decided, then we will have more clarity.”