Cryptocurrency May Be Legalized In India In 2019
The Cabinet of Ministers of India may legalize the use of bitcoin and other cryptocurrencies in the state if this sphere is strictly regulated, The New Indian Express reports.
Back in March 2017, an intergovernmental committee was formed to address issues related to the crypto industry. Four months later, the commission decided to prohibit the use of cryptocurrency in India.
Following this, the central bank of India outlawed digital assets and stopped servicing accounts of crypto exchanges and companies. Many of them had to relocate their operations to countries with a more loyal attitude to this sphere.
Later, interested parties sought protection from the country's Supreme Court. As a result, another government working group was formed headed by a high-ranking official Subhash Chandra Garg, the Secretary of the Department of Economic Affairs.
The group held two meetings. The officials believe that cryptocurrency cannot be called utterly illegal, an anonymous participant of the hearings claimed. Digital assets should be legalized, but they should be strictly regulated by government agencies, he added. It is reported that the group will continue its work and plans to reach a decision in February 2019, which the Ministry of Finance will then consider.
The working group collects information from crypto companies and exchanges, seeking to take into account their opinions. All proposals will be discussed with the Ministry of Justice of the country, the official added.