The new year might provide a great start for the HODLers in India. This is because holding cryptocurrencies in the country might soon be entirely legal. The India crypto legalization progress is sure to be a long one, but hopefully we’ll get there sooner than most analysts predict.
The New Indian Express, shared information about a government committee that has already done more than a couple of meetings. The meetings had a positive outcome and a report will most likely be submitted to the Indian Ministry of Finance early next month. Of course the possible legalization will happen under very strict conditions.
Although there is not much information currently, it’s obvious that the India crypto legalization issue must be dealt with . On top of the already held meetings, there are currently on-going negotiations between the inter-disciplinary panel and crypto exchanges. Crypto experts are also sought out for their opinion and there are already plans on working with over the legal matters with the India’s ministry of law.
The India crypto legalization is a hot topic
India’s inter-ministerial committee was formed last year and it focused mainly on crypto regulation. This came after the government addressed the issue of cryptocurrencies back in March 2017, which resulted in a total ban later the same year. After the Reserve Bank of India declared cryptocurrencies illegal, all of the regulated institutions were forbidden from offering services to any form of crypto-related businesses.
Of course this meant a lot of crypto firms had to shut down. One of the biggest crypto exchanges in India Zebpay had to cease operations due to a bank freeze. As all businesses found no reasonable ways to conduct business, everyone slowly moved their operations out of India.
This however, is not the first time crypto enthusiasts have their hopes raised for a potential legalization. Last year saw reports that the inter-ministerial panel on crypto was not supporting a full-scale ban on cryptocurrencies. The panel showed immense support in favor of the regulated trading of digital assets, but nothing came out.
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