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Indian Government Will Cautiously Approach To Regulating Crypto

Stefan by Stefan
31/12/2018
in Regulation
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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.

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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.

 

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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