The government of India is now considering allowing crypto tokens for a broad use in the country. Despite having a strong stance on cryptocurrencies, they are now slowly beginning to understand and appreciate this technology. The Indian government announced this news on the 10th of Augusts.
They formed a committee by the finance ministry and are currently working on a variety of regulations to implement in order to allow certain crypto assets to be used in the country. Once they finalize all the proposals and drafts, the legislation will be presented to the Parliament.
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The head of the committee announced: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other uses and how it can be mainstreamed in India.”
The government issued a lot of warnings and pieces of advice to the public, saying that people should know all the possible risks of cryptocurrencies and have issued warnings for a possible Ponzi scheme. They also banned banks from dealing with crypto business and people since July 5th.
Mr. Garg also said that he believes that cryptocurrencies cannot serve as a substitute for fiat currencies. People will need to buy crypto tokens with physical money. The committee will conduct an analysis of all the consequences and prospects of the legalizing process.
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