Indian Government to allow crypto tokens, but not cryptocurrency

[NileCoin ICO]

The government is considering launching crypto tokens for financial transactions in the country, even as the existing ban on cryptocurrencies is likely to continue.

A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft regulations are ready and legally vetted, it will be tabled before Parliament, sources said.

DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.”

However, they put the trust in Token: “Crypto token operates in a closed system and doesn’t impact the country’s monetary policy unlike cryptocurrency, which interferes with the money supply situation.”

#NIL

[ShutterTeeth]

The people should still be happy that the government is opening up to the crypto market. At least from a complete ban, they are now alright with tokens, is a good news indeed.

[raging-creeper]

Hopefully the Indian people can one day buck this oppressive regime and have the money of their choice and not something controlled by government.  I have faith the 1 billion people will soon be free.

[siddartha1492]

Seriously our Indian officials are pretty lazy when it comes to progressive thinking. When countries like Japan, South Korea and even America are allowing cryptos our RBI and govt. wants to ban it. And instead launch their own crypto. Why should we invest in this national crypto when they don't even allow us to trade other cryptos.

[slaman29]

Seriously our Indian officials are pretty lazy when it comes to progressive thinking. When countries like Japan, South Korea and even America are allowing cryptos our RBI and govt. wants to ban it. And instead launch their own crypto. Why should we invest in this national crypto when they don't even allow us to trade other cryptos.

Don't worry, it's not just in India. I used to think some countries were more progressive than others simply because their people thought differently. But after spending some times with civil servants everywhere, I've now seen and understood a little better. Sometimes, it's just because of a few powerful individuals all stuck within a system that forces them to act like that.

You can see the same bright minds in some places, but who are unable to shine because the system snuffs it out as soon as it emerges. So I don't doubt there are great Indian officials, just a terrible system that needs an old generation to pass before something like crypto can be heard.

[yakushev]

This is the first step to see how it will affect people and the country itself, then maybe like China will think about lifting the total ban and the dawn of crypto currency will begin.

[TravelMug]

The people should still be happy that the government is opening up to the crypto market. At least from a complete ban, they are now alright with tokens, is a good news indeed.

I think they are talking about a crypto back up by government tokens.

This is a good news at least. They approved crypto market but still in prohibition of totally govern the financial institution by cryptocurrency. I can see how they wanted to embrace cryptocurrency but still insist a good and regulated system for it. It's just showing that the government of them clearly an open minded people who seek opportunities as well not for themselves but also for people who are into this kind of industry. No doubt that crypto are widely spreading and some of their people are totally into it. No matter how they abolish crypto, as long as there are people who still believes on it. Government cannot overthrow this industry. Funny cause many private firms are already starting to look and enter this business, which clearly affects the banking and government institution. It's all about money.

Again, the way I understand it and correct if I'm wrong, they are only allowing government back up tokens, meaning its centralizes. How can this be a good news, unless you are willing to purchase those kind of cryptos.

Seriously our Indian officials are pretty lazy when it comes to progressive thinking. When countries like Japan, South Korea and even America are allowing cryptos our RBI and govt. wants to ban it. And instead launch their own crypto. Why should we invest in this national crypto when they don't even allow us to trade other cryptos.

Ironic isn't it? They are totally "hostile" against crypto, but they themselves wanted their own crypto and totally embraces as well.

[SlaveKing]

This is because the Indian government thinks that crypto currencies might make their fiat money obsolete. So they don’t want to take any risks so instead of coins they are legitimizing tokens. Also maybe this is just a start for mass crypto adoption. Many other countries’ government are thinking of entering the crypto market, so India’s entry will definitely be a huge step.

[ambeo]

The government is considering launching crypto tokens for financial transactions in the country, even as the existing ban on cryptocurrencies is likely to continue.

A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft regulations are ready and legally vetted, it will be tabled before Parliament, sources said.

DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.”

However, they put the trust in Token: “Crypto token operates in a closed system and doesn’t impact the country’s monetary policy unlike cryptocurrency, which interferes with the money supply situation.”

#NIL

well, at least they try. government actually makes some steps towards the future and it is great gesture, at least the discussion around it will bring more attention to crypto

[mersal]

The government is considering launching crypto tokens for financial transactions in the country, even as the existing ban on cryptocurrencies is likely to continue.

A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft regulations are ready and legally vetted, it will be tabled before Parliament, sources said.

DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.”

However, they put the trust in Token: “Crypto token operates in a closed system and doesn’t impact the country’s monetary policy unlike cryptocurrency, which interferes with the money supply situation.”

#NIL

When the government of India banned the crypto currencies?

No ban was ever made in India for crypto currencies but now they were arranged a committee for researching about the cryptos and its regulations methods,it is a good thing but most likely the results will take too longer.

[stealth.money]

The government is considering launching crypto tokens for financial transactions in the country, even as the existing ban on cryptocurrencies is likely to continue.

A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft regulations are ready and legally vetted, it will be tabled before Parliament, sources said.

DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.”

However, they put the trust in Token: “Crypto token operates in a closed system and doesn’t impact the country’s monetary policy unlike cryptocurrency, which interferes with the money supply situation.”

#NIL

They will changing their mind soon, they will allowing/legalized crypto, as always the case.

[farhiamunni]

Thanks for sharing. I have heard that they do not consider crypto as currency at all rather they think more focus should be given to traditional or physical currency rather than digital assets.

[InfiniteBlock560]

Yes Indian government is not keen enough to legalize crypto currency in their country but they may give approval to tokens. These tokens need to be purchased by physical money and can be kept in as form of code in basic mobile phone.

[TupMan007]

That's will be open the chance to be accepted the cryptocurrency. Hope in future india will be allow cryptocurrency also as a commoon currency.

[crazybtclover]

Cryptocurrency still not allow in india but tokens are allow but that's not too bad because that's express that in future there have chance to be allow cryptocurrency.

[listoncrypto]

There something is better than nothing. Hope it's should not very bad news for indian crypto lover.

[kawetsriyanto]

It is a good news for Indian, a positive development from their government in responding cryptocurrency. It is one step closer to make crypto accepted in India. Now, the government agree with the tokens, then it will concur with cryptocurrency.  

[milani]

It is good news, because it means that the Indian government at least ready to make some steps to meet the cryptocurrency and the needs of the society. But it is too early to say that it is a success as well, because it is the talks only. When the real decisions and actions will take place it is possible to say that the tokens are accepted and are completely eligible there. Will see.

[StormHunter]

That’s a good news. At least they are accepting crypto tokens and I believe that very soon they are going to accept cryptocurrency also. Let’s hope for the best.

[Laxus215]

Seriously our Indian officials are pretty lazy when it comes to progressive thinking. When countries like Japan, South Korea and even America are allowing cryptos our RBI and govt. wants to ban it. And instead launch their own crypto. Why should we invest in this national crypto when they don't even allow us to trade other cryptos.

Exactly Indian officials are lazzy when it comes to the progressive thinking. See examples of other countries like south Korea which realises the  potential of the blockchain technology and cryptocurrency business opportunities have allocated 1Trillion WON for blockchain technology in 2K19
https://bitcoinist.com/south-korea-allocates-one-trillion-won-blockchain-technology-2019/