The Indian government will not make crypto legal for payments, but it will allow trading as assets.
The government’s aim is to put all cryptocurrencies under the purview of the Reserve Bank of India, which will regulate them. The ministry of finance has set up a committee to look into the possibility that cryptocurrencies may be used for illicit purposes.
The Indian government wants to crack down on two things: crypto payments and crypto trading. They will not allow the use of cryptocurrencies for payments but they will allow crypto traders to trade freely. The decision was met with a mixed response from industry representatives.
In a meeting chaired by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, the Indian government confirmed that they will not allow cryptocurrencies for payment methods in India but traders can still trade them freely. This decision has been met with mixed responses from industry representatives. The meeting was chaired by Subhash Chandra Garg, Secretary of the Department of Economic Affairs and other members of the government.
“Regulating crypto as an asset doesn’t solve all the issues that authorities are concerned about. But it does take it out of the currency arena, which is one of RBI’s worries.“ Tanvi Ratna, founder and CEO of think tank said.