India’s relationship with the crypto-verse has been quite hazy. The citizens of the country have time and again been left in a pool of uncertainty with regard to the legality of crypto. While some suggest that a ban on crypto is imminent, a few others asserted otherwise. Despite this dilemma, several continue to trade cryptocurrencies across the country.
The latest news from the Indian government came as a fresh ray of hope to traders who were worried about losing out on their gains. Prominent Indian news portal, Economic Times noted that the government of India was looking at a different notion pertaining to cryptocurrencies with the establishment of a new regulatory panel.
India crypto scene to get a makeover?
The cryptocurrency industry grew to a high of $2 trillion further luring in an array of people into it. This number along with the price of Bitcoin [BTC] had governments across the globe formulating crypto-friendly laws. India seemed to be following this as an official reportedly announced the launch of a new panel for regulating the crypto-verse. This further led to speculations of the government from steering away from the ban.
The official stated,
“There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at the use of cryptos rather than a total ban.”
While the members of this panel weren’t revealed, Anurag Thakur, the Minister of State for Finance and Corporate Affairs is reportedly one of the members who may be a part of the new regulatory council. Thakur along with India’s Finance Minister, Nirmala Sitharaman has asserted that the country should try to avoid a ban and focus on carrying out a “calibrated” approach to regulate the crypto-verse.
As the country continues to succumb to the deadly Covid-19 virus, the latest news came as a shaft of light for its citizens. However, the extreme volatility that the crypto market is currently exerting could stand in the way of the government of India making a crypto-friendly decision.