[ad_1]
India could make a reversal of its cryptocurrency directives. For reports from New India Express, a second interdisciplinary committee set up by the Indian government is considering making cryptocurrencies legal in the country, but with stricter rules.
This revelation comes just months after a government group suggested the creation of a new regulatory framework within the Reserve Bank of India (RBI) that bans digital assets and declares illegal encryption transactions in India.
According to a senior unnamed official who spoke with the New India Express, the committee had met twice, but the deliberations were still under way.
"We have already had two meetings, there is a general consensus that the cryptocurrency can not be dismissed as completely illegal, it must be legalized with strong pilots, the deliberations are active and we will soon have more clarity."
The first interdisciplinary committee on cryptocurrency was established by the Government of India in March 2017, including officials from the Ministry of Finance. This committee consisted of various banking and state departments. Following a committee recommendation, the RBI ordered all banks and other financial entities in the country to refrain from negotiating with digital assets.
However, the second committee, which was convened by Subhash Chandra Garg, the Secretary of the Department of Economic Affairs, was set up to review the resolutions of the former and examine the feasibility of cryptocurrencies for the Indian economy.
Some members of the second committee also took part in the G20 summit in Buenos Aires, where cryptographic measures such as taxation and increased regulation to combat the use of cryptocurrencies for money laundering were discussed.
Members will meet in January to discuss some of the knowledge gained from the summit before presenting its recommendations to the government.
"We have also taken input from cryptocurrency exchanges and experts and will look into legal issues with the Ministry of Law.It is a complicated problem.After all aspects have been decided, we will have more clarity," explained the senior official in the report.
While the committee may suggest that the position on cryptocurrencies be mitigated, local government authorities have not managed the child-wearing sector since the ban was enforced.
At the start of this year, developers of the first bitcoin ATM (ATM) and the founders of the country's first cryptographic exchange, Unocoin, were arrested by local authorities in Bangalore on criminal charges, including criminal conspiracy , cheating and counterfeiting.
