The Indian authorities are considering regulating cryptos in the country instead of imposing a total ban on them.
As reported by the Economic Times citing 3 sources familiar with the matter, the country is exploring the possibility of setting up an expert panel to regulate crypto trading in the country.
The news coincides with growing support for overturning the total ban on cryptos, proposed in 2019 by former finance secretary Subhash Garg.
Notably, an official familiar with the situation has stated:
"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 expert panel would study the possibility of regulating cryptos separately from fiat as well as possible uses of blockchain tech.
In addition, it could also collaborate with the Reserve Bank of India (RBI), the country's central bank, on the development of a digital rupee.
The RBI banned banks from offering services to cryptocurrency companies back in 2018, however, this ban was overturned in February last year by the country's Supreme Court.