The Indian country in agreement with cryptocurrencies
According to reports coming from the government committee in India, there has been reports that have suggested that the application of cryptocurrencies can become legalized in the country.
Coming from a few reports, there is an official who attended the panel discussion on cryptocurrencies who have mentioned that:
“There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”
Government panel discussions previously reported that they have suggested that a complete ban on cryptocurrencies in the country back in early December be put in place. Saying that all dealings in the currency should be treated was illegal tender.
The set up of India’s recent second inter-ministerial committee, which is currently led by Subhash Garg. Was done after the Reserve Bank of India, put a ban on businesses wanting to deal in cryptocurrencies. According to reports coming from TNIE the committee already had two meetings and there is a next one scheduled to take place in January. The committee currently consists of members of the Ministry of Electronics and Information Technology, Securities and Exchange Board of India along with the Revenue Secretary and RBI.
The crypto community in India is in preparation for Blockchain technology
Officials have also noted that members of the committee have taken inputs from cryptocurrency exchanges and experts. This was made clear through a statement saying that they are working on legal aspects of this technology with the Indian law ministry.
There were G20 meetings that called for the regulation of cryptocurrencies while taking money laundering into account, that was made in a document by Buenos Aires last Summit.
The director of RBI Ganesh Kumar and the Ministry of Finance officials have participated in these G20 meetings before. In October there was news that the developers of India’s first Bitcoin BTM’s (ATM), was arrested based on criminal charges. Local mainstream media say that the founders of India’s first crypto exchange Unocoin were arrest based on a forgery and criminal conspiracy charges.
According to a press statement in India’s Central Crime Branch, if the bitcoin ATM’s are not approved by the government, it must not be called an ATM. The cyber lawyer on the case Prashant Mali has explained that if the ATM was installed byside the Kiosks it would have fallen under a grey area of the law.
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