As a report has it, the government of the second-most populous country in the world, India, is in the process of reviewing its ban on cryptocurrency.
According to The Economic Times, a committee that will focus on regulating the crypto industry in the country may be formed by the government.
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According to a government official that is very close to the matter, the crypto ban needs a fresh look:
“There is a view within the government that the recommendations made by Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban.”
According to the report, Anurag Thakur, India’s finance and corporate affairs minister, among a dozen other members, could be part of the new crypto panel.
In this regard, Thakur is said to have met with members from the crypto and banking industry forums.
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Both India’s finance minister Nirmala Sitharaman and Thakur recently had once said that the government would take a calibrated approach in regulating the cryptocurrency industry. However, there is no specification yet for the proposed regulation.
#CNBCTV18IBLA | #FinanceMinister @nsitharaman says 'Govt wants to ensure there's a window for experiments in #Cryptocurrency space.' Adds 'There will be a very calibrated position taken on cryptocurrency.' @ShereenBhan @FinMinIndia#Leadersofchange pic.twitter.com/YHEYA9INkf
— CNBC-TV18 (@CNBCTV18News) March 5, 2021
Going by the report, India’s finance ministry is now monitoring the growing volume of crypto trading in the country.
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Sitharaman’s team is reportedly expected to brief her later this month in relation to the ongoing developments in the cryptocurrency ecosystem.
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