- The Indian government is rethinking the discussion of crypto regulation in India.
- The government might form a new committee to discuss the old sanctions on crypto.
The news comes amid the current view by Subhash Garg, former finance secretary’s committee in 2019 for a crypto ban, become old.
The report says the government might form a new committee to discuss the old advice on crypto trading. Also, the authority will think of starting a new panel of experts to monitor crypto trading in India.
Following this, an official in the matter said,
There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban.
The local news said these discussions are at an early stage. Therefore, no formal resolution has yet been made.
However, there was a rumor that the finance ministry was monitoring the growing volume of cryptocurrency trading in India. Also, the rumor says that he is talking to stakeholders about potential supervisory risks.
The new committee’s goal could be to explore blockchain for technological enhancement. Also, advise ways to control cryptos as digital assets instead of a currency, says the local news.
Recently, Indian regulators decided to leave the crypto ban decision up to individual banks. The National Payment Corporation of India (NPCI) thinks that banks should either support or ban crypto transactions themselves.
In its current form, the Bill criminalizes trading. And also the holding of cryptocurrency assets.