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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:

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“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.

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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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.