India could be making a U-turn on its directives for cryptocurrencies.
Per reports by the New India Express, a 2nd largest
committee setup by the Indian government is thinking about
making cryptocurrencies lawful in the nation again but with stricter
This revelation comes only a couple of months following a government
panelindicated the creation of a new regulatory framework inside the Reserve
Bank of India (RBI) that bans digital assets and declares crypto trades illegal
Based on an unnamed senior officer who spoke with all the New India
Express, the committee had met two times, however, deliberations were still
"We have had two encounters. There is a general consensus that
cryptocurrency can't be dismissed as completely illegal. It needs to be
legalized with powerful riders. Deliberations are all on. We'll have more
The very first interdisciplinary committee on cryptocurrency was put up by
the government of India back in March 2017, for example Ministry of Finance
officials. This committee consisted of different banking and state branches.
After a recommendation from the poll, the RBI directed all banks and other
financial entities from the nation to refrain from transacting with electronic
On the other hand, the second committee, which was convened by Subhash
Chandra Garg, '' the Secretary of the Department of Economic Affairs, was set
up to examine the settlements of their very first and start looking in the
viability of cryptocurrencies to the Indian market.
Many members of the second committee also attended the G20 summit in Buenos
Aires, in which crypto measures such as taxation and improved regulation to
combat the usage of cryptocurrencies for money laundering were discussed.
The associates will be meeting in January to discuss some of the insights
obtained from the summit, before presenting its recommendations to the
"We also have obtained inputs from cryptocurrency exchanges and pros
and will be analyzing legal problems with the legislation ministry. It is a
complicated matter. After all facets are decided, then we'll have more
clarity," the senior official explained in the report.
While the committee may suggest softening the position onto
cryptocurrencies, local government police have not been tackling the sector
together with kid gloves because the ban was enforced.