Following the many happenings around crypto regulation in India, the Indian government is again in our blockchain news for announcing to approach crypto regulation with caution according to the Minister of State in the Ministry of Finance and Ministry of Shipping.
The government is really looking forward to form a path for formalizing the domestic cryptocurrency economy.
While addressing the lower house of parliament, Lok Sabha explained:
‘’In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.’’
India is one of the countries that has enforced a ban on all the banks that offer cryptocurrency services. The government enacted in July and the Reserve Bank of India’s decision has led to the exit of multiple local businesses.
In the meantime, nor the central bank nor the government has really been impacted by the consumer backlash according to a governmental panel source which suggested that making cryptocurrency partially illegal is still in game.
For now, it is still legal to own cryptocurrencies in India but some have stated that as of October, owning cryptocurerncies will be illegal.
Another committee has already recommended a total crypto ban back in March 2017 but the new one is trying to make a deal and solve the conflicting issues in the RBI ban. They have already held two meetings and another one is planned in January 2019.
In this committee, there are members of the Ministry of Electronics and Information Technology, Exchange Board of India, RBI and the revenue secretary.