In the midst of tumultuous news around major cryptocurrencies seeing a dramatic fall, the crypto landscape is looking less bleak for the crypto landscape in India, with advocates within the nation rejoicing over reports that the Indian government plans to scrap their initial plans to enact an outright ban on cryptocurrency trading.
Like most countries, India currently lacks any solid regulation around the sale and purchase of digital currencies which has led the Government of India to explore the idea of disallowing the usage of cryptocurrencies, nationwide, over the past four years.
These plans have met progressively more resistance from enthusiasts due to crypto edging ever closer into the territory of the trading layman.
A recent attempt by the Indian Central Bank to block banks from dealing with crypto-related businesses was successfully thrown off-course by the country’s Supreme Court in 2020, yielding a glimmer of hope the government would reconsider their stance on future bills.
However, that glimmer of hope has now taken the form of a shining beacon, smiling down on Indian citizens who have been championing decentralised currencies.
A report from the Economic Times states that the Government of India is considering refreshing its panel of experts who’ve previously been chairing discussions on regulation of cryptocurrencies, with finance secretary Subhash Garg’s ban recommendations being outlined specifically.
“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,” said an unnamed official.
This has paved the way for more open and accessible regulations to be considered, with the aforementioned report indicating that discussions will commence within parliament this summer.