India Likely to Allow Cryptocurrencies

July 12, 2018

An official from the Indian government who wished to remain unknown told local publication Quartz about probable crypto regulation measures the authorities may take later.

“I don’t think anyone is really thinking of banning [cryptocurrencies] altogether. The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as [a] commodity may let us better regulate trade and so that is being looked at,” said the senior government official.

Remember, the Reserve Bank of India declared ban on crypto operations in the country on April 5 and ordered all local commercial banks to suspend service for accounts related to digital currencies. Along with that local crypto service providers were given 3 months to cease operations. So India’s crypto traders and exchanges joined their effort to struggle RBI’s measures which has obviously produced some effect. According to Subhash Chandra Garg, the secretary of the economic affairs department, renewed draft of crypto regulations will be ready soon.

“Trade is not a criminal offense. Most of us trade in various asset classes on the stock market. So how is this any different? What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing,” the official continued.

Quartz journalists suggest, India will finally adopt cryptocurrencies as new financial instrument but will oblige the owners to undergo AML/KYC procedures.

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