Is India planning on ending the crypto ban?

28 Dec, 2018 | Updated: 28 Dec, 2018
by Will Heasman
News
Is India planning on ending the crypto ban?

Since the RBI circular was released back in April foreboding financial institution in India transacting with crypto related business, cryptocurrency has been all but outlawed within India. Now it appears that might change as the committee set up to evaluate cryptocurrency alludes to legalization.

The interdisciplinary committee set up by the India government to look into the benefits and potential risks of cryptocurrency are apparently in favor of legalizing and regulating cryptocurrency within the country.

A senior official who attended the panel meetings told the New India Express:

“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.”

 

The RBI infamously put out an embargo on the country financial institutions stopping them from dealing with any cryptocurrency related business, something which saw domestic exchanges suffer but conversely, saw a rise in peer to peer trading.

Since that time a back and forth between layers and the RBI has been in effect with a formal government decision on the matter delayed, and delayed again; the committee will release its official recommendation in feburary. 

Read more: Indian gov. deciding on whether to completely ban the use of cryptocurrenciesIndia’s Government has two weeks to define policy on Crypto

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