The Indian government is approaching the regulation of cryptocurrency with caution, according to the Quartz technology magazine on December 31, citing Pon Radhakrishnan, the Minister of State at the Ministry of Finance and the Ministry of Navigation.
The latest episode of India's increasingly elaborate path to formalize its domestic cryptocurrency economy, Radhakrishnan said that the lack of a "globally acceptable solution" means that lawmakers will hardly publish formal statutes in the near future. term.
Addressing the lower house of parliament, Lok Sabha, on December 28, said:
"In the absence of a globally acceptable solution and the need to develop technically feasible solutions, the department is taking the matter with due caution, it is difficult to set a specific timetable to provide clear recommendations."
India currently imposes a ban on banks to serve operations related to cryptocurrency. Issued in July, the role of the Reserve Bank of India led to the exit of several local businesses and the challenge of the Supreme Court.
So far, neither the central bank nor the government have been moved by the consumer reaction, a panel government source at the beginning of this month suggesting that the cryptocurrency was still at stake.
Nevertheless, this week the panel itself reported that it would be in favor of regulation on the criminalization of the sector.
At present, it is legal to own the cryptocurrency in India, but some parties have publicly stated in October that they consider this property illegal.