This year was particularly bad for traders and investors in India due to continuing government crackdowns and uncertainty about the country’s future sector. This may all be about to change, as a recent report suggests that regulation and legitimacy could be on their way to the digital currency sector in India.
A full year of suppression of digital currencies
The crackdown culminated in the digital currency ban, with the RBI spending the better part of 2018 trying to crush the existence of digital currencies. Banks have also been barred from dealing with digital currency platforms, making it very difficult to trade digital currencies using cash without resorting to OTC platforms. Court cases involving the Reserve Bank of India and local bourses have also been delayed and delayed, leaving the entire sector in a dilemma about the legitimacy of digital currencies.
According to a recent report, things may be about to change with the committee meeting leading to a more lenient result with digital currencies. A senior official who attended the meeting said:
“We have already held two meetings. There is a general consensus that digital currencies can not be ignored as completely illegal. It must be legitimized with strong laws. The debate has already begun. We will have more clarity soon “
Several committees to discuss the regulation of digital currencies
The first multidisciplinary committee composed of various government and banking departments was established by the Indian government in March 2017. By July, the government had recommended a total ban on digital currencies. However, a number of platforms continued to operate, and the public did not Still has an appetite for digital coins. India’s finance minister, Carbon Gaitley, applied the harsh method earlier this year.
The Second Inter-Ministerial Committee, led by the Secretary of the Ministry of Economic Affairs, Subhash Chandra Garg, was prepared for a further look at the integrity of digital assets. Some of the ministers in this new committee attended the recent G-20 summit in Buenos Aires where digital currencies were recommended, not banned.
According to the report, these ministers are likely to participate in the visions gathered at the World Summit and make recommendations based on the Indian situation. The next meeting of the Committee is scheduled for January 2019, and observers are optimistic about the shift in their position from digital assets.
They have also received input from trading platform companies and experts and will study legal issues with the Ministry of Justice. Especially as it is a complex issue. Once all aspects have been decided, the Committee will have more clarity on the matter
If India softens its grip and allows the circulation of regulated digital currencies to flourish, it may open doors to one of the largest markets on the planet.