A governmental committee in India has reportedly suggested that cryptocurrencies be legalized in the country, English-language local media TheNewIndianExpress reported on Dec. 26.
Previous Indian government panel meetings had reportedly suggested a complete ban on cryptocurrencies in the country earlier in December, stating that "Any kind of dealing in such currencies should be treated as 'illegal.'".
India's government reportedly set up this most recent second inter-ministerial committee, which is led by Subhash Chandra Garg, the Department of Economic Affairs secretary, after the Reserve Bank of India's ban on banks dealing with crypto businesses and persons in April of this year.
While a previous committee had recommended a total crypto ban in March 2017, the new committee, TNIE writes, was set up to deal with the conflicting opinions on the RBI ban.
According to the TNIE, the committee has already had two meetings, and the next one is expected to take place in January.
This committee includes members of the Ministry of Electronics and Information Technology, RBI, Securities and Exchange Board of India and the revenue secretary.
The official also noted that the members of the committee "Have also taken inputs from cryptocurrency exchanges and experts," concluding by stating that they will work on the legal aspects with India's law ministry.
Some of the members of the second Indian governmental committee, such as the RBI executive director Ganesh Kumar and Ministry of Finance officials, participated in those G20 meetings.
In October, news broke that the developers of India's first Bitcoin "ATM" were arrested on criminal charges.
According to local mainstream media, the two - who are also founders of India's first crypto exchange Unocoin - were booked for criminal conspiracy, cheating and forgery.
New Indian Governmental Committee Favors Legalizing Cryptocurrencies, Media Reports
gepubliceerd op Dec 26, 2018
by Cointele | gepubliceerd op Coinage
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