Apparently India is willing to legalize cryptocurrency
As per the recent report, a new committee formed by the
Its well-know fact Indian crypto community is going through various challenge due to complete ban declared by RBI earlier this year. Ever since then there have been attempts to resolve this issue, be it filing the case to Supreme Court or separate committee formation- it’s still an ongoing process.
Earlier in December, the formed panel made a statement that- cryptocurrency to be treated as illegal, indicating for a complete ban. But after successive meetings, it appears the committee is not in favor of an outright ban
As reported on The New Indian Express media an unnamed senior official quoted that,
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, the committee has already had two meetings, and the next one is expected to take place in January.
This committee includes members of the Ministry of Electronics and Information Technology, RBI, Securities, and Exchange Board of India and the revenue secretary and a finalized report is expected to be submitted by Feb 2019.
It is to be noted that, recently G20 countries have called for the taxation of cryptocurrencies and regulation preventing their use for money laundering, according to a document stipulated during a Buenos Aires summit.
With India being a member nation of the G20 group, any rules to govern the local crypto space may be influenced by planned regulatory guidance formed during the summit. Also per the statement from official
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.
Although the crypto is still not official in India, the outcomes of panel meetings looks optimistic. Hopefully the situation might change eventually.
What do you think of this response by Indian government? Will crypto eventually be legalized in the country? Share your thoughts in the comment section below.