BTC bloodbath continues in the market and the news has come that India may likely start thinking towards the regulation of BTC instead of a ban.
In recent years, India has continuously stuck with the ban of cryptocurrency but now the crypto advocates are welcoming these reports from the Indian authorities. The Supreme Court derailed any chance of dealing in cryptocurrency in the whole country.
But the reports from the economic times say that the Indian government is allocating a fresh panel of experts who would do research on the possibility of cryptocurrency regulation in India.
Still, there has been no official notification been issued by the government but the media claimed we have got this piece of information from valid sources.
The Economic Times claimed that there was a dominant view of a complete cryptocurrency ban from the government officials like the Finance Secretary, Subhash Garg. Another high official quoted:
“There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at the use of cryptos rather than a total ban.”
The media outlet expressed that no resolution has been passed yet in this context and the formation of the proposed committee of experts has also not been shaped yet.
However, the Minister of State for Finance, Anurag Thakur met with the members of the crypto and banking industry in this regard. His name is also in consideration to be added to the committee.
The committee will also carry research on the Reserve Bank of India’s proposal for the rollout of the digital rupee and making of blockchain-related policies. Binance owned WazirX trading platform’s COO Siddharth Memon said:
“This is huge. Crypto is finally getting regulated in India.”
Co-founder Nischal Shetty extended heartfelt thankyou to India’s Finance Minister, Nirmala Sitharaman for taking an initiative towards blockchain regulation instead of banning crypto.