Saturday, August 24, 2019

Report: India Soon Plans To Legalize Cryptocurrencies

The Indian government and cryptocurrencies were two parties that do not seem to be in good terms for the last months. However, there might be a chance that this will change in the next years to come.

According to a report from New Indian Express — a local newspaper, the interdisciplinary committee composed of India’s revenue secretary and officials from SEBI, RBI, and MeitY (Ministry of Electronics and Information Technology) were currently assigned by the government to study about cryptos and whether if its good or bad for the country.

Legalize Cryptocurrencies in India

After a few deliberate meetings held by the committee, it turns out that, mostly agreed that cryptocurrencies should not be illegal in the country. And India must not totally ban its usage — as a matter of fact, the country should legalize it.

 “We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon,” says Senior Official that attended the meetings.

Interestingly, this set of committee were already the second formed of officials for this year’s debate for cryptos.

1st Committee Were Not So In About Cryptos

Although the 2nd committee seems to be on board for digital tokens, the 2017 interdisciplinary committee were very opposite on their decision that they firmly negated the concept of crypto for the Indian citizens.

The first committee was created on March 2017– lead by the special secretary Dinesh Sharma who is now retired.

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India’s Fight For Cryptos Now Starts

Unlike today’s jurors, the first committee was tough on cryptocurrencies which gave a way for the government to ban all digital tokens, circulating around the country.

Aside from this, India’s Finance Secretary also shared the same opinion on cryptos — declaring digital tokens as an illegal tender, without any monetary value in the country.

Since then, crypto businesses protested against the decision and immediately went their way to file a case in the country’s Supreme Court.

There and then, India’s Supreme Court warned the government to have a firm statement of whether cryptos were officially ‘illegal’ in the country or not — since its still unclear for most citizens.

After a challenging and energy-consuming fight for cryptos, the government made another interdisciplinary committee in 2018 in order to calm their citizens. Hopefully, great results will be coming on crypto’s way by the start of the year.

January 2019 Will Provide The Answer for Legalization

Still, legalization of cryptos in India were still not fully answered by the officials, however, the market might begin its drastic change as Indian officials promised to have the answer by the start of January — and everything will be cleared up within that time.

 

 

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