A Report says Government of India Rethinking its Stance on Cryptocurrency Ban

A report published in a leading business and finance newspaper in India, The Economic Times, says that the Government of India is reconsidering its stance on cryptocurrencies. The May 19, 221, report on The Economic Times has cited 3 sources privy to discussion on the prospects of forming a fresh new panel of experts on regulating cryptocurrency trading in India.

The reported move comes at a time as the support for overturning previous recommendations is gaining momentum. In 2019, former finance secretary Subhash Garg, recommended a blanket ban on cryptocurrency assets. An unnamed official was quoted by the report saying:

“There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban.”

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The new panel is likely to:

  • Investigate the blockchain usage for technological enhancement
  • Suggest ways of regulating cryptocurrency assets (separately from that of fiat currencies)

The new panel may reportedly work closely with the apex bank of India (Reserve Bank of India) on the proposed Indian CBDC (the digital Rupee project). I the report is to be believed, Minister of State for Finance and Corporate Affairs, Anurag Thakur, may be inducted into the new committee. Finance minister Nirmala Sitharaman has previously said during an India Today enclave that India may not impose an outright ban on Bitcoin and other cryptocurrencies and instead take a calibrated approach to their regulation.

Finance Minister Nirmala Sitharaman is reportedly expected to be briefed by her team later this month with respect to the ongoing developments in the crypto space.

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