According to the latest reports from India, this country’s authorities might choose not to implement the crypto ban. Instead, the plan could be to treat cryptos as commodities.
India to avoid crypto ban?
India has been less than friendly towards cryptos in recent times and this peaked when a ban against digital currencies was suggested. However, the situation might be changing for Indian crypto enthusiasts, following recent regulatory discussions.
New reports indicate that India might choose not to enforce this ban on cryptos after all, even though the banks in this country are still forbidden from providing their services to those who deal with digital currencies.
Previous reports claim that the RBI (Reserve Bank of India) has come to a decision to prevent regular financial institutions from allowing their customers to work with cryptos. The banks and other financial institutions were forced to comply, leaving Indian citizens unable to buy cryptos via their regular bank accounts. Not to mention the fact that crypto businesses have had to find another way to bypass this ban, or they would effectively be out of business.
Despite the fact that various domestic banks and government ministries have created an inter-governmental committee in order to develop a regulatory framework, the central bank still enforced its decision to stop crypto trading. Now, however, new discussions on the subject have revealed that a blanket crypto ban was not even considered as an option for dealing with cryptos.
One senior official stated that he doesn’t believe that anyone is really considering this as a solution. Instead, participants discussed possible regulations and solutions for dealing with issues brought about by the use of digital coins.
Cryptos only lack proper regulations
The official continued to say that trade is not a criminal offense. In fact, most people are trading in some form of asset classes within the stock market anyway. Cryptocurrencies are no different and the only thing that the industry lacks is some sort of mechanism that would ensure that there are no illegal activities.
It appears that India is struggling with various options when it comes to creating a proper regulatory framework. Just last month, there were confirmations that the panel is making progress in creating regulations and guidelines were said to be in an advanced stage, potentially due for publication later in July.
Of course, there are still no official confirmations that this will come to pass. At least, it would appear that cryptos won’t leave India after all and that only some aspects of their use might be subject to change.