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The news comes amid the view that proposals for a blanket ban are outdated.
May 19, 2021 at 9:21 a.m. UTCUpdated Aug 19, 2021 at 9:31 a.m. UTC
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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- The prevailing view is that proposals for a blanket ban are now outdated, according to the report.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.
- 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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