India may look at amending existing laws that could make the holding of crypto assets, other than those not approved by the government, a punishable offence.

A committee headed by Subhash Chandra Garg, secretary, department of economic affairs, is likely to submit its report by December, defining the broad contours of a regulatory framework for crypto assets and virtual currencies. This could be seen as a precursor for India having its own legal virtual currency.

There are reports about ‘Lakshmi’ being India’s own legally approved cryptocurrency which could come in near future once the regulatory framework and technological set up is ready.



Watch the video for more...

Sakshi Batra gets in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol for all the update on government’s plan of action on cryptocurrencies.