Cryptocurrencies may soon be legal in India, a country that’s been very harsh on crypto in the past. According to newspaper New India Express the government is setting up a committee that will look into regulating and legalizing cryptocurrencies. However, if this happens it will be on tough conditions.
The committee is made up out of officials from the Reserve Bank of India and the Ministry of Electronics and Information Technology, among others. This same committee was earlier claimed to be working on a crypto ban, according to another local news outlet.
This is the second time the Indian government creates a research committee. The first committee, which included members of the same organization, advised the government to ban cryptocurrencies. The Indian central bank ordered banks to stop dealing with crypto firms.
The largest exchange of India, Zebpay, was forced to shutdown, and authorities took down the first bitcoin ATM in the country as well. The creator of this first bitcoin ATM was even arrested.
But not every legal institution agrees with the ban. The Supreme Court has asked the government to clarify its stance on cryptocurrencies, especially considering that the government is thinking of creating its own cryptocurrency.
Also published on Medium.