Indian authorities are not going to impose a complete ban on digital currencies after ongoing disputes. Quartz was informed about this by an anonymous high-ranking official, who has access to the primary sources in the government. It should be noted that no official statements have yet been received.
Why it is important
- The situation around digital assets is actively unfolding in India. On one hand, the Supreme Court of India has the ban on local financial companies to conduct transactions with the cryptocurrency in force. On the other hand, the financial situation in the country literally forces its authorities to turn their attention to the ways of extracting profits from working with new instruments.
- The head of the government committee and the secretary of the Department of Economic Affairs Subash Chandra Garg, said that they have almost completed the development of the legal framework for the cryptosphere. These statements, coupled with the insider information, give hope that threats to the cryptocurrencies in India may come to naught.
The official stated that cryptocurrencies were recognized as commodities during the internal meeting. Correspondingly, trading of digital assets should be regulated, not prohibited. He also said that in his opinion, the government was not going to impose a complete ban on virtual currencies. Authorities need to regulate the trade. For this purpose it is much better to legalize cryptocurrencies as commodities.
Garg also noted that the trade in cryptocurrencies in itself is not a crime. The official does not see any difference between the trading of digital assets and assets of other classes in the stock market. Authorities just want to make sure that the money used is earned legally, stressed the anonymous speaker.
By Ekaterina Ulyanova