According to reports, an Indian government committee has suggested that cryptocurrencies be legalized in the country, the local media in English TheNewIndianExpress (TNIE) reported on December 26th.
According to the article, a senior unnamed official who would attend the cryptocurrency committee meetings said:
"There is a general consensus that cryptocurrency can not be dismissed as completely illegal, it must be legalized with strong pilots."
Previous meetings of the Indian government committee had suggested a total ban on cryptocurrencies in the country at the beginning of December, stating that "any type of trading in such currencies should be regarded as" illegal "."
The Indian government has set up this very recent second interministerial committee, led by Subhash Chandra Garg, the secretary of the Department of Economic Affairs, after the ban by the Indian Central Bank (RBI) to banks that deal with businesses and people scrambled in the April of this year.
While a previous committee had recommended a full blockade of cryptography in March 2017, the new committee, writes TNIE, was set up to address the conflicting views on the RBI ban.
According to TNIE, the committee has already had two meetings and the next one should take place in January.
This committee includes members of the Ministry of Electronics and Information Technology, the RBI, the Securities and Exchange Board of India and the revenue secretary.
The official also noted that the committee members "also took input from cryptocurrency and expert exchanges", concluding that they will work on the legal aspects with the Indian Ministry of Law.
As Cointelegraph reported at the beginning of the current month, the G20 countries have called for the taxation of cryptocurrencies and the regulation that prevents their use for money laundering, according to a document signed during a summit in Buenos Aires.
Some of the members of the second Indian government committee, such as the RBI Executive Director Ganesh Kumar and officials from the Ministry of Finance, attended these G20 meetings. For this reason, according to the article, "they are expected to include information acquired from global deliberations in their relationship".
In October, the news broke that the developers of the first Indian Bitcoin "ATM" (BTC) were arrested on criminal charges. According to local mainstream media, the two – who are also the founders of the first Unocoin encryption in India – have been booked for criminal conspiracy, cheating and counterfeiting.
A press release from the central section of the Indian crime found that since the ATM was not approved by the government, it should not have been called a cash dispenser. Prashant Mali, a cyber-lawyer, explained that if the "kiosk" was written instead of "ATM", the installation would fall into a gray area of the law.