Main navigation

India May Backtrack on Total Cryptocurrency Ban

News
Wed, 05/19/2021 - 04:32
article image
Alex Dovbnya
The Indian government is reportedly forming a group to regulate cryptocurrencies, moving away from a blanket ban
India May Backtrack on Total Cryptocurrency Ban
Cover image via stock.adobe.com
Read U.TODAY on
Google News

The Indian government is in the process of rethinking India’s blanket ban on cryptocurrencies, according to a report by The Economic Times.

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.

Related
Ripple CEO Slams India’s Decision to Ban Cryptocurrency Trading

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.  

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.