India is Examining the Legalisation of Digital Currency Under Strong Regulations
According to a recent report, the association responsible for the provision of recommendations for the regulatory framework surrounding virtual currencies in India is examining the
Crypto to Become Legal in India
Based on an article that was released recently, there are claims that the 2nd Inter-ministerial committee which was arranged in order to talk about the country’s point of view as regards virtual currencies is not fully convinced as regards outlawing the asset class and is hoping to make it legal under strong regulation.
Subhash Chandra Garg of the department of economic affairs is the head of the committee. Others in the committee are officials from the Reserve Bank of India, the Ministry of Electronics and Information Technology, and the Securities and Exchange Board of India. An anonymous official was quoted saying 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. We will have more clarity soon”
This report is coming after almost a year since Arun Jaitley, the country’s Minister of Finance made it known while giving a speech in February that the government of India does not regard virtual currencies as a legal tender or coin and that it will take all steps required towards eradicating the use of these assets in financing illegal activities.
RBI’s Ban on Crypto Banking
In addition, the Minister’s comments sounded like a repetition of remarks earlier made by the RBI. In April, the central bank released a statement in which it gave all banking institutions under its control a time frame of three months to sever all ties with virtual currency exchanges.
Also, the ban placed on banks by the RBI has affected the
