India May Legalize Cryptos But Under ‘Strong’ Rules: Report

The Indian government could possibly legalize cryptocurrencies, but with tough terms and conditions attached, a news report suggests.

According to a New Indian Express article published Wednesday, an interdisciplinary committee set up by the government to investigate cryptocurrencies, is not in favor of an outright ban.

An anonymous senior official who attended the committee’s meetings told the newspaper:

“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on.”

The government set up the committee in April 2017 with the remit of examining the existing legal framework related to digital currencies and suggesting new measures to deal with the technology, including addressing issues around consumer protection and money laundering. Members include representatives from government departments for the economy and taxation, as well as the central bank and other agencies.

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