Finally, there is some positive cryptocurrency news coming from India and being related to trading Bitcoin and other altcoins. According to The New Indian Express, there has been a government committee which met twice on the matter of legalizing held cryptocurrencies.
Currently, a report is what everyone expects to be submitted to the country’s Ministry of Finance next month. As one source told the publication, the legalization of cryptocurrencies will happen under strict conditions.
As he said:
“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon.”
Aside from holding meetings, this panel has also consulted crypto exchanges and experts and is now planning on deliberating on the legal matters along with the law ministry.
This comes as very positive news, especially after the first government panel which was formed in 2017 to address the issue of cryptocurrencies, when it recommended a total ban on digital assets in the world’s second most populated country.
The members that agreed to this decision included India’s central bank, the Reserve Bank of India, the Ministry of Finance, the Ministry of Home Affairs, the Ministry of Electronics and Information Technology, the National Institution for Transforming India (NITI Aayog), the State Bank of India and the Central Board of Direct Taxes.
However, it seems like the sun is about to shine in India and the hopes of cryptocurrencies being legalized are now higher than ever before.