India may rethink strong anti-crypto stance

Five days after Newsbsc revealed that the Indian government are clamping down on crypto-related transactions, there are fresh reports that the authorities are having a change of heart.

The Economic times say that a new panel of experts might be set up by the government to review the mundane financial regulations.

This panel will also suggest ways to accommodate and effectively regulate digital assets trading.

In 2019, a committee headed by former finance secretary Subhash Garg called for a total ban on cryptocurrency transactions.

That recommendation is however deemed to be outdated.

The Supreme Court overruled RBI’s directive to restrict banks from allowing crypto transactions.

There are no indications that suggest the government will soften its stand and opt for a way to regulate the crypto industry instead of a blanket ban.

The panel might also brainstorm the way forward for the proposed Reserve Bank of India’s digital rupee.

We gather that talks are still at an early stage and nothing is cast in stone just yet.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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