India’s Government May Form Panel to Study Regulating Crypto: Report

The news comes amid the view that proposals for a blanket ban are outdated.

AccessTimeIconMay 19, 2021 at 9:21 a.m. UTC
Updated Sep 14, 2021 at 12:57 p.m. UTC

The government of India may form a panel of experts to examine regulating cryptocurrencies, according to an Economic Times report.

  • The committee’s remit would be to suggest ways of regulating crypto as digital assets rather than currency, ET reported Wednesday, citing three sources familiar with the matter.
  • The prevailing view is that proposals for a blanket ban are now outdated, according to the report.
  • Discussions are at an early stage and no formal decisions have been made.
  • Proposed legislation to ban crypto was said to be in its final stages in March, with the Reserve Bank of India said to be encouraging banks to sever ties with exchanges.
  • A pivot away from prohibition and toward regulation would be a sizable boon for crypto in India, which has witnessed considerable adoption despite the uncertainty.
  • The committee would also explore the wider use of blockchain technology and study ways to develop a digital rupee, according to ET.

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