India to Legalize Cryptocurrencies

[Elli022]

A governmental committee in india has suggested that cryptocurrency should be legalized in india.

Crypto to get finally some legitimacy in India

* Cryptocurrrencies are neither legal or illegal
* The government and RBI has always expressed displeasure
* The committee set up to study cryptos favors regulation over banning.

In october 2018, the govt. said it was considering the ban of use of private cryptocurrencies in india but the hope in a ray was govt. official submitted affidavit in November in case filed by the Cryptocurrency exchanges. Due to this the authorities have to choose between a ban or regulation

This came soon in after G20 countries took major step of agreeing to regulate cryptocurrencies to counter financial terrorism and money laundering which is in the line with recommendations of Financial Action Task Force. Also other finance ministry officials to G20 and FATF recommendations are likely to add value in the committee final report.

[1715341723]

1715341723

[1715341723]

1715341723

[1715341723]

1715341723

[avikz]

A governmental committee in india has suggested that cryptocurrency should be legalized in india.

Crypto to get finally some legitimacy in India

I wish it is true but unfortunately it is not. Whatever you have said is just speculation! The committee you are talking about is "Subhash Chandra Garg panel" and they have already submitted their report to the Finance Ministry. However, no one knows what exactly written or recommended in that report. Whatever and whoever is saying, is a speculation.   

* Cryptocurrrencies are neither legal or illegal - True statement
* The government and RBI has always expressed displeasure - True statement
* The committee set up to study cryptos favors regulation over banning. - Not proved, pure speculation

In october 2018, the govt. said it was considering the ban of use of private cryptocurrencies in india but the hope in a ray was govt. official submitted affidavit in November in case filed by the Cryptocurrency exchanges. Due to this the authorities have to choose between a ban or regulation

Yes, a PIL has been filed but due to some other priority cases, this case has taken a back seat. The hearing was not done since a long time. Please follow CryptoKanoon twitter handle if you are willing to get more insights about this PIL as they are the only people following up closely to this issue.

https://twitter.com/cryptokanoon?lang=en

So read on and you will get an understanding on what's happening in this case.

In a nutshell, nothing has yet been finalized. No one knows what's in there is the report. So whatever you hear, is pure speculation. Just to add on, I encourage you to read this tweet,

https://twitter.com/cryptokanoon/status/1077816816678981632

Hope this helps!

[ragavancoin]

A governmental committee in india has suggested that cryptocurrency should be legalized in india.

Crypto to get finally some legitimacy in India

I wish it is true but unfortunately it is not. Whatever you have said is just speculation! The committee you are talking about is "Subhash Chandra Garg panel" and they have already submitted their report to the Finance Ministry. However, no one knows what exactly written or recommended in that report. Whatever and whoever is saying, is a speculation.   

* Cryptocurrrencies are neither legal or illegal - True statement
* The government and RBI has always expressed displeasure - True statement
* The committee set up to study cryptos favors regulation over banning. - Not proved, pure speculation

In october 2018, the govt. said it was considering the ban of use of private cryptocurrencies in india but the hope in a ray was govt. official submitted affidavit in November in case filed by the Cryptocurrency exchanges. Due to this the authorities have to choose between a ban or regulation

Yes, a PIL has been filed but due to some other priority cases, this case has taken a back seat. The hearing was not done since a long time. Please follow CryptoKanoon twitter handle if you are willing to get more insights about this PIL as they are the only people following up closely to this issue.

https://twitter.com/cryptokanoon?lang=en

So read on and you will get an understanding on what's happening in this case.

In a nutshell, nothing has yet been finalized. No one knows what's in there is the report. So whatever you hear, is pure speculation. Just to add on, I encourage you to read this tweet,

https://twitter.com/cryptokanoon/status/1077816816678981632

Hope this helps!

Thanks for sharing nice information about cryptocurrency legalize in India or not? But after reading your shared information I will be sure that in future the Indian government going to get regulation for cryptocurrencies but we don't know when it will happen and I hope all things going fine very soon.

[Centareum]

This is Big news! looking forward to 2019, expecting clarity from Government regarding Cryptocurrencies

[avikz]

Thanks for sharing nice information about cryptocurrency legalize in India or not? But after reading your shared information I will be sure that in future the Indian government going to get regulation for cryptocurrencies but we don't know when it will happen and I hope all things going fine very soon.

That you for reading the information I provided. It is evident that "Centareum" didn't read the replies and just busy posting.

What I foresee that Indian government's fight against cryptocurrency can be summed up in the below statement of Mahatma Gandhi,

"First they ignore you, then they laugh at you, then they fight you, then you win"

First Indian government will try to impose blanket ban on cryptos. Then they will realize that it can't be stopped. They they will try to regularize it so that they can get some tax income. That's what going to happen. Otherwise, the only looser will be Indian government. Crypto currency can't be banned in anywhere in the world by imposing government legislation.

[Wapinter]

India’s rocky relationship with cryptos was dealt another blow recently by the findings of a government panel. The panel began its work in November, researching on cryptos to recommend the way forward. According to CNBC-TV 18, the panel recommended that the country bans all cryptos.
Citing sources familiar with the matter, the report revealed that the panel had called on the Reserve Bank to step in and ban cryptos. Led by the country’s Secretary for Economic Affairs, the panel even suggested that those who use cryptos should face the law.

https://www.coincryptoz.com/9047/dont-invest-in-bitcoin-you-could-be-aiding-money-laundering-and-terrorism-indian-police/