New Indian Govt. Committee Panel In Favour Of Legalising Cryptocurrencies : Report.

New Indian Govt. Committee Panel In Favour Of Legalising Cryptocurrencies : Report.

2018-12-28 | Selina Mathew

New Indian Govt. Committee Panel In Favour Of Legalising Cryptocurrencies : Report.

In line with a recent news 'reported' by ‘TheNewIndianExpress [TNIE]’, a govt. committee in India has reportedly prompted that cryptocurrencies should be legalized within the country.

As per the article, an anonymous senior official who reportedly attended the panel’s conferences on cryptocurrencies stated that:

“There is a general agreement that cryptocurrency can't be just dismissed as completely illegal. It has to be legalized with strong riders.”

Previous Indian govt. panel conferences had 'reportedly' prompted an entire ban on cryptocurrencies within the country earlier in December, stating that “any kind of dealing in such currencies ought to be treated as ‘illegal.’”

India’s govt. reportedly set-up this most recent second inter-ministerial committee, that was led by Subhash Chandra Garg, the Department of Economic Affairs secretary, after the RBI’s [Reserve Bank Of India] ban on banks dealing in crypto businesses and persons in Apr of this year.

While a previous committee had counseled a complete crypto ban in March 2017, the new committee, TNIE writes, was set-up to handle the conflicting opinions on the RBI’s ban.

As per TNIE, the committee has already had 2 conferences, and the next one is expected to take place in January.

This committee includes members of the Ministry of Electronics and IT [Information Technology], RBI, Securities and Exchange Board of India along with the revenue secretary.

The official conjointly noted that the members of the committee “have also taken inputs from cryptocurrency exchanges and experts,” summarised by stating that they're going to work on the legal aspects with India’s law ministry.

As 'reported' earlier, G20 countries called for the taxation of cryptocurrencies and regulation preventing their use for money laundering, in line with a document stipulated within the Buenos Aires summit.

Some of the members of the 2nd Indian govt. committee, like the RBI’s executive director Ganesh Kumar and Ministry of Finance officers, participated in those G20 conferences. Owing to this, in line with the article, “they are expected to incorporate insights they gained from the world deliberations in their report.”

Even in October, news broke that the developers of Indian First Bitcoin [BTC] “ATM” were arrested on criminal charges. In line with native media report, the two — who were also the founders of India’s first crypto exchange Unocoin — were reserved for criminal conspiracy, cheating and forgery.

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