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India May Backtrack on Total Cryptocurrency Ban

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Wed, 19/05/2021 - 4:32
India May Backtrack on Total Cryptocurrency Ban
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The Indian government is in the process of rethinking India’s blanket ban on cryptocurrencies, according to a report by The Economic Times.

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It may form a committee that will focus on regulating the novel asset class in the country.

One government official with knowledge of the matter claims that the aforementioned 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.

While the composition of the crypto panel remains unknown, the report states that it may include Anurag Thakur, India’s finance and corporate affairs minister.

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As reported by U.Today, the government was expected to propose a bill that would make holding, mining, and trading crypto illegal back in March.  

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