India May Finally Legalize Cryptos, However It Will Do It Under “Strong Rules”
It looks like the Indian government may have the chance of legalizing cryptos soon. However, new reports suggest that the regulation will not be free of strong terms and conditions. According to local newspapers, a governmental committee was recently set up by the government to investigate cryptos and this committee does not think the ban is such a good idea.
An anonymous source that participated in the meetings have told the local media that, while deliberations are still being made, after two meetings it was very clear that simply banning cryptos is a bad idea and that the best way to deal with them is by having a strong hold on their legalization within India.
Too Much Time Has Been Passed Since Deliberations Started
2018 might have been a tumultuous year for cryptos all around the world, but it was actually considerably worse in India. Since April 2017, the government is set on examining cryptos and building a legal framework for them. However, 2018 is almost ending and, after a year and a half, nothing was decided yet.
Ever since India started to study cryptos, the crypto exchanges have been basically banned from the country since they no longer could access banking services in the country. The year was full of mixed messages and confusing signals that damaged the potential of the cryptos in the country.
Many companies went to the Supreme Court of India, but the organization affirmed that the government should make its position clear, something that has not happened since them.
The Future Of Cryptos In India
According to the information we currently have, a new report will be made on February 2019, but it will probably not be one affirming that cryptos should be banned from the country. The stance of the government will be softened a bit to develop a crypto framework.
India will probably now decide how to regulate cryptos in the country following international standards. No one should expect the regulation to be light, though, as it is clear that the authorities from India still see the cryptos with some distrust.