Indian Government Committee on Cryptocurrencies – Considering Legalization

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Indian Government Committee on Cryptocurrencies Considering Legalization

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Local English news portal, The New Indian Express (TNIE), has reported that a government official from the committee that is overviewing cryptocurrency status has said the panel is considering legalizing digital currencies.

The unnamed official, according to the article on TNIE, said, “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”

Reserve Bank of India, the country’s central bank, had declared all forms of cryptocurrencies illegal in April this year, with a ban on banks and individuals dealing them. This had forced local crypto exchanges to cease operations. A move by the local blockchain company to bring the issue to the legal authorities had led to Indian courts asking the government for clarification on the subject.

Subsequently, the government had formed the team to study and give their findings on it.

The latest team is the second one so far, led by Department of Economic Affairs Secretary, Subhash Chandra Garg. The third meeting is expected to be in January.

The team consists of representatives from different governmental bodies, such as Reserve Bank of India, Securities and Exchange Board of India, Ministry of Electronics and Information Technology and the Revenue Secretary. According to the official, the committee members “have also taken inputs from cryptocurrency exchanges and experts”.

After the initial ban, a government official had suggested a ban on cryptocurrencies but wanted blockchain technology to flourish. Only a few days later, India completed its first blockchain based business transaction.

Later the same month, SWIFT in India had eyed decentralized ledger technology for more secure and fraud-proof banking services.

The love-hate relationship with blockchain and cryptocurrencies seem to be coming to an end. With a large blockchain industry, the positive recommendation of the committee is eagerly awaited.

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