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Regulation

Cryptocurrency Regulation Looms in the Indian Horizon

Redwan Eid | Dec. 27, 2018
Cryptocurrency Regulation Looms in the Indian Horizon

December 27, 2018 | AtoZ Markets - A governmental committee in India has recently made a suggestion for legalizing cryptocurrencies in the country, as per media reports.

In the details of the news, a senior official familiar with the cryptocurrency panel’s meetings, claimed that the current atmosphere in the country tends toward adopting the digital assets, given there is a good regulations guideline.

“There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”, said the acquainted official.

According to the The New Indian Express (TNIE) media outlet, the committee have held so far two meetings, where it is expected that they will a third meeting in next January.

The committee includes experts from the Ministry of Electronics and Information Technology, RBI, Securities and Exchange Board of India and the revenue secretary.

Today’s move does not correlate with the country’s stance!

The step comes surprising as analysts read, in comparison to the main stance India is known of taking toward cryptocurrencies and digital assets, where the government was backing up a ban on cryptocurrencies in the country, as AtoZ Markets reported late October.

The Supreme Court of India had requested the country's government to provide an “opinion on cryptocurrencies”, amid reported legal fallout due to the ruling the central bank issued in April.

Based on the conclusion the crypto committee formed was to come up with, the government was requested to give a final view about cryptocurrency.

The request came not so long after the Indian Authorities attached $60 Million in a Bitcoin scam case, where the authorities were reported to have attached immovable properties of the owner of GainBitcoin.com, in addition to the residential apartments and bank balances of two of his associates; Hemant Bhope and Pankaj Adlakha, besides six offices in Dubai, under the provision of Anti Money Laundering (AML) act.

It is worth reminding that the Reserve Bank of India (RBI) had announced the ban on cryptocurrency deliberation in the country in last April, which resulted in multiple appeals being filed by investors in the local cryptocurrency industry, in follow up, as AtoZ Markets reported.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.