The government of India is reconsidering its earlier stance as regards the crypto industry. They are checking out other alternative ways to accommodate cryptos other than an outright ban. Bloomberg Quint stated that the powers that be in India is holding sessions with the financial supervisory body and industry stakeholders to analyze the bill presented initially that favoured a blanket ban of crypto in the country.
In February, there were myriad of news headlines about a proposed crypto proscription law in India which has not come to fruition even now. The recent development is that the country is seeking other subtle ways to control the industry as a complete proscription is no longer considered. An unknown person reported by Bloomberg Quint stated that the negotiation held over the initial draft law on crypto proscription was to ascertain if the ban could be pushed through or if finding other options were better.
According to the news company, there are specific things as regards crypto that will be discussed at the meeting held by the authorities. They will examine the possibility of controlling crypto transactions or the rightness of placing embargo on it as earlier proposed. Another point of consideration for the officials is determining the kinds of crypto operations that will be allowed in the country if eventually they disapprove an outright ban.
Cointelegraph earlier reported that the Central Bank of India had an anathema for crypto. The bank had earlier made its unacceptance of the crypto industry clear to the government. The reserve bank had in the previous month stated explicitly that it did not stop commercial banks from engaging in crypto operations. The Supreme Court had in March last year overruled the central bank’s order to stop banks from getting involved with cryptocurrency operations.
The aforementioned anonymous also said that the revised crypto draft law will not be formally presented to the parliament within its July to September session following the slow pace of the talk. Three notable crypto companies viz; Kraken, Bitfinex and KuCoin are considering establishing businesses in India to meet the demand of about 15 million crypto holders.
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