This article comes fromThe Block, original author: Yogita Khatri
Odaily Translator |
Summary:
This article comes from
, original author: Yogita Khatri
Odaily Translator |first level titleSummary:
According to reports, the Indian government may form a new committee to study the possibility of regulating cryptocurrencies in India.
The new committee may recommend that cryptocurrencies be regulated as digital assets rather than currencies.
Will the Indian government change its mind? according toIndia's "Economic Times" reports, the Indian government may set up a new panel of experts to study the possibility of regulating cryptocurrencies in India.
The Economic Times reported on Tuesday, citing "three people familiar with the matter," that the discussions were said to be at an early stage and no formal commitment had been made.
The new committee may recommend that cryptocurrencies be regulated as digital assets rather than currencies. As The Block recently reported, crypto exchange operators in India generally share this sentiment.
A committee headed by former Indian finance minister Subhash Chandra Garg had in 2019
Proposal to ban cryptocurrencies across the board
. Those recommendations are now said to be outdated and the government may reassess the matter.
“There is a view within the government that the recommendations made by the Subhash Garg (committee) are outdated and that the use of cryptocurrencies needs to be revisited rather than banned entirely,” an official familiar with the matter revealed.According to reports, India’s finance minister, Anurag Thakur, may be part of the new crypto group, which also includes a dozen other members. Thakur is said to have met with members of the cryptocurrency and banking forum on this aspect.
Both Thakur and India’s finance minister, Nirmala Sitharaman, recently said the government would take a “calibrated” approach to regulating cryptocurrencies, though they did not specify details at the time.According to reports, the Indian Ministry of Finance is currently monitoring the growth of crypto trading volumes in India. Sitharaman's team will brief her on ongoing developments in the crypto space later this month.In March, the Indian government planned to discuss an encryption bill, but it was delayed for unknown reasons. The bill is expected to be discussed in the upcoming monsoon session of Parliament from July to September. But it's unclear whether the bill's content will match the Garg committee's 2019 draft bill, which proposed banning nearly all forms of cryptocurrencies.
Garg himself
The RBI has allegedly recently informally urged banks to cut ties with crypto exchanges and traders
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, hoping that it will stop encryption-related payment transaction services.
