India has remained among one of the countries whose stance is still unclear about the trading and use of cryptocurrencies within its National boundaries. For now, crypto is neither legal nor illegal in India. Although a debate is going on in various court houses.
A case is already pending in Indian Apex Court (Supreme Court Of India) where crypto start-ups have filed a case against Reserve Bank of India for blanket banking ban on cryptocurrencies. But the decision has yet to come and now government is also taking crypto matters very seriously and preparing a draft by this month in which it will clear its stance on cryptocurrencies.
The Finance Ministry has appointed a panel which is making all the possible efforts to prepare that draft as early as possible. As per this panel:
“…currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.”
We can expect all the policies, on trading as well as on the use of crypto, to come very soon and then may be we can expect a bright future for cryptocurrencies in India.
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Realistically, Cryptos is the future, come what may and against all the adversities...it will gradually gain momentum...in the times to come! :)
Honestly, the Indian government will do whatever benefits them as a unit of society. The reason they hate cryptocurrency isn't because of the lack of control on the economy, but because they don't make their cut in the process. Leave that aside, if the regime changes we'll see a Trump and Obamacare situation where the current opposition will come in and roll back everything and put their own policy in place.
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