Governmental Committee In India Suggests Legalizing Cryptocurrencies

Governmental Committee In India Suggests Legalizing Cryptocurrencies

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December 27, 2018 by News Spotter
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A governmental committee in India has suggested and is considering the legalization of cryptocurrencies in the country according to the latest crypto news coming from India. A still unknown senior official who attended the panel’s meetings pointed out:  “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be
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A governmental committee in India has suggested and is considering the legalization of cryptocurrencies in the country according to the latest crypto news coming from India.

A still unknown senior official who attended the panel’s meetings pointed out:

 “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”

The previous panel meetings in the government have already suggested a ban on cryptocurrencies in the country earlier in December and made clear that any kind of ‘’dealing in such currencies should be treated as illegal.’’

The government of India most recently set up this inter-ministerial committee led by Subhash Chandra Garg after the Reserve Bank of India decided to ban the banks which are dealing with crypto businesses.

Another committee has already recommended a total crypto ban back in March 2017 but the new one is trying to make a deal and solve the conflicting issues in the RBI ban. They have already held two meetings and another one is planned in January 2019.

In this committee, there are members of the Ministry of Electronics and Information Technology, Exchange Board of India, RBI and the revenue secretary.

The official also pointed out that the members of the committee have also gathered opinions from crypto exchanges and crypto experts. Also, since the beginning of December, G20 countries called for crypto taxation and regulation against money laundering. A few members of the new Indian governmental committee participated in the G20 meetings.

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