For quite some time now, India is toying with the idea of whether or not introduce cryptocurrency in the market. However, some progressive developments are to be foreseen as the country is seriously considering to introduce a crypto regulatory framework. As per the latest cryptocurrency news, the crypto market in India is gradually progressing.
The latest news confirms that a report containing a set of regulations for cryptocurrencies is being finalized by an inter-ministerial committee. The Government of India has been working on developing a set of crypto regulations that are suitable as per the present economic conditions. The Inter-Ministerial Committee (IMC) headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, is tasked with developing the country’s crypto regulatory framework.
Local media publication had filed a report with the Department of Economic Affairs on December 13, 2018, asking three questions. The first inquires whether the panel has submitted its report to the Ministry of Finance. The second asks if the panel has recommended a ban on Bitcoin. The publication also urged the government to share the copy of the report. However, when probed, the Indian government replied stating that ‘the report of the committee is under finalization stage, hence, prohibited under section 8(3) of the RTI Act, 2005,’ as reported on Bitcoin News. Consequently, the news indicates that cryptocurrency in India is not being overlooked and crypto enthusiasts can rest assured.
Despite the Indian government taking progressive steps towards cryptocurrency, there are major roadblocks. Currently, India enforced a ban on banks servicing cryptocurrency-related operations following a circular issued by the Reserve Bank of India (RBI).
Previously, the police in Jammu and Kashmir had issued a public statement, warning the public against investing in cryptocurrencies. They issued a warning and informed about the heightened risk that is associated with virtual currency and reminded investors that cryptocurrencies are not sanctioned by the government, as mentioned on Cointelegraph. On the whole, the recent news discloses that cryptocurrency in India might gradually find its way.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]