Home News Indian government will legalize crypotcurrencies, albeit under strong regulation

Indian government will legalize crypotcurrencies, albeit under strong regulation

Indian authorities are planning to legalize digital assets, though making them subject to strict regulatory measures. According to New Indian Express, the inter-ministerial committee charged with examining the issues related to cryptocurrency regulation, abruptly shifted its stance on the matter and opposed the idea of outlawing cryptocurrencies as a means of payment altogether.

During its latest session, the committee admitted the shortsightedness of its previous intention to ban all cryptocurrencies in the country. Relevant Indian ministries are now charged with outlining the regulatory framework for the crypto industry, with February 2019 being set as a deadline.

Apart from internal deliberations, the committee is busy looking into recommendations from local cryptocurrency exchanges and experts in crypto.

Back in October, India’s Economic Affairs Secretary Subhash Chandra Garg voiced his intention to advocate amendments to the existing laws which would make illegal to hold unregulated cryptocurrencies.