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Economic Times Report: Government Of India Might Be Reconsidering Its Cryptocurrency Ban

Phillip Seefeldt

ByPhillip Seefeldt

May 20, 2021

Cryptocurrency investors in India have plenty of reasons to celebrate lately as it looks like the country’s nationwide ban on the use of cryptocurrency may indeed soon come to an end. With this in mind, an all-new panel is set to be created with the goal of addressing the seemingly ‘outdated’ recommendations and stance on cryptocurrency trading in India and subsequently coming up with appropriate and relevant regulations.

There have been numerous reports that have emerged since the information was first revealed to the public, and most of them involve the country’s government actively reconsidering its current stance on the utilization and trading of cryptocurrencies. A report earlier today had cited three distinct sources which were privy to the discussions being held on the current situation regarding the fresh panel being created.

Indian support for crypto increasing

There has certainly been an explosion of support for cryptocurrency in India for some time now. India is considered to be an economic superpower, and so it would only make sense for the country to become increasingly involved in the crypto industry. However, traditional and conservative mindsets in the local government had prevented this from happening, but it looks like all of that will change soon.

Subhash Garg had been the one responsible for recommending a total ban on cryptocurrency back in 2019. However, this recommendation has since been deemed outdated. Many government officials are now actively considering adopting a ‘fresh perspective’ on the utilization of cryptocurrency and what it can do for the country.

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To this end, the aforementioned new panel can also be used for the purposes of investigating new ways of cryptocurrency regulations as well as the utilization of blockchain technology to enhance current systems. The Reserve Bank of India might also join in on the potential implementation of a CBDC, which presumably, in India’s case, would the digital Rupee.

Nation-wide ban no longer possible

As previously mentioned, a total nationwide ban is no longer considered to be a viable option due to the ever-increasing popularity of cryptocurrency and its utilization in the real world. There had been a bill meant to address the nation’s stance on cryptocurrency and its regulation back in March of this year. However, this had been deferred due to reasons that were not made known to the general public.

All of this coincides with the recent huge spike in activity on various cryptocurrency exchanges in India, which have been operating despite the threat of the ban, demonstrating the massive interest that the country’s citizens do have as far as cryptocurrency investments are concerned.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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