Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official – Regulation Bitcoin News
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In a recent statement, a government official in India has clarified that there is nothing illegal about cryptocurrency in the country, provided that the proper legal procedures are followed.
The statement was made by Subhash Chandra Garg, the Secretary of the Department of Economic Affairs, during a meeting of the Inter-Ministerial Committee on Cryptocurrencies. The committee was formed in 2017 to investigate the risks posed by cryptocurrencies and to propose a regulatory framework for the industry.
Garg clarified that the Indian government does not view cryptocurrencies as illegal. However, he noted that the government is still in the process of developing a regulatory framework for the industry. He added that the government does not want to stifle innovation, but it does want to ensure that cryptocurrencies are used in a safe and secure manner.
Garg’s statement is a major shift from the official stance of the Indian government towards cryptocurrencies. In April 2018, the Reserve Bank of India (RBI) had issued a circular banning all banks and financial institutions in the country from providing services to cryptocurrency businesses. This move had severely hampered the growth of the crypto industry in India.
However, the Supreme Court of India overturned the RBI’s ban in March 2020, allowing banks and financial institutions to provide services to crypto businesses. Since then, the government has been in the process of developing a regulatory framework for the industry.
Garg’s statement is a major step forward in this process, as it clarifies that there is nothing illegal about cryptocurrencies in India, provided that the proper legal procedures are followed. This will likely provide a major boost to the crypto industry in the country, as businesses now know that they can operate without fear of legal repercussions.
It remains to be seen how the government will regulate the industry. However, this statement is a major step forward for the crypto industry in India, and it is likely to have a positive effect on the industry’s growth.
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