Indian Authorities Reconsiders Ban of Crypto Assets

Indian Authorities Reconsiders Ban of Crypto Assets

The Economic Times reports, Indian Government reconsiders its opinion on Cryptocurrencies in India rather than imposing a direct ban on crypto assets,Yesterday.

 The Economic Times exclusively revealed, India formed a new regulatory panel to discuss “outdated” platforms of crypto assets. The committee is created to gather information about Blockchain technology and propose ideas to change cryptocurrencies to digital assets.

The Central Government of India is urged to know the possibilities to examine controlling cryptocurrency in India. The Authorities view the past, present and uncertain future of crypto in India. All crypto traders can expect the government may ban cryptocurrencies and concurrently release a digital currency as soon.

Moreover, The expert panel supports investigating the use of blockchain for technological updates and proposes ways to change cryptocurrencies. Additionally, this process can help the Reserve Bank of India support any digital currency projects.

Crypto Ban Shuts Off in India

Finance Minister Nirmala Seetharaman and Corporate Affairs Anurag Thakur consider joining the expert panel. Earlier, The authorities announced a calibrated stance for no crypto ban and need blockchain in India. 

However, the Government is receiving more support and recommendations for a new committee. The early committee led by Subash Garg in 2019 left crypto assets “outdated.”

Also, in 2018 RBI banned all banks and customers to stop trading on cryptocurrencies. Later the Supreme court released the ban in February 2020, followed by a case filed by Indian entrepreneurs and business experts.

The Economic Times report adds, The Cryptocurrency and Regulation of Official Digital Currency Bill 2021, scheduled in parliament in March but adjourned since the reasons not built public.

Therefore, All crypto traders expect Sitharaman to reveal ongoing processes and developments of the cryptocurrency market and information regarding the Indian crypto space industry.

Recommended for You

A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.