You may be using Bitcoin and other cryptocurrencies freely in your country, but the Indian government sees that as a crime and prohibits citizens from owning it.
But that situation will likely change in the coming year according to reports by the New Indian Express. A committee set up by the Government of India in 2017 to evaluate existing regulatory frameworks and how cryptocurrencies could fit in, has decided to legalize the industry.
Although an official announcement is yet to be made, a top official working with the committee is quoted in the news publication as saying,
“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on.”
The official’s comment indicates a softened stance towards cryptocurrency by the committee and will put a smile on the faces of crypto faithful in India despite the possibility of “strong riders” or strict rules.
As per the report, the Committee will submit a statement about the issue of crypto regulation to the Indian Finance Ministry in February 2019, and it will likely include the latest decision reached during the meeting.
A New Ray of Hope For Indians Using Crypto
Until now the cryptocurrency industry in India has faced a lot of distress which began with an outright ban on the use of Bitcoin and co. in 2017. The Reserve Bank of India followed that by ordering local banks to stop dealing with crypto exchanges as a way to end their operations.
Since then it had been a tough journey for both exchanged and crypto traders in the country, but very soon there will be no need to worry again.
While the industry awaits an official announcement by the committee, we’ll hang on to the flickering hope that a new script and hope for cryptocurrencies is being written in India now.