Delhi, INDIA – In a positive about turn, holding cryptocurrencies such as Bitcoin (BTC) could be okay in India soon. As reported by The New Indian Express with the catchy heading “Bitcoin on highway to being legit” a government committee has convened twice, and its findings will likely make its way to the finance ministry by next month. Compared to the Trump Shutdown that is seeing no end in sight, after numerous sit-downs by both parties, two meetings are all that’s needed to lift the close to a half-year end ban on cryptos.
“There is a general consensus that cryptocurrency [sic] cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon.” – senior officer at panel meeting
The first interdisciplinary committee met in March last year and the conclusion was a total ban on crypto four months later.
And after a brief tussle in the supreme court, a second inter-ministerial committee, led by the Department of Economic Affairs secretary Subhash Chandra Garg, was tasked to revaluate the situation and determine if there is an alternate approach that could be taken. It is expected that following in the footsteps of other G20 nations in introducing regulations on digital assets to “counter money laundering and financial terrorism” will be the way to go.
“We have also taken inputs from cryptocurrency exchanges and experts and will be examining legal issues with the law ministry, “explains the aforementioned senior official. “It’s a complicated issue. Once all aspects are decided, then we will have more clarity.”