Report Says Cryptos Could Soon be Legalized in India

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According to a new report released by the local news outlet New India Express, cryptocurrencies could be legalized in India. The country has usually taken several measures that were not so friendly towards Bitcoin (BTC) and other virtual currencies. The report quotes a senior official that attended important discussions related to the issue.

India Could Legalize Cryptocurrencies

It is not possible to keep banning virtual currencies. They’ve expanded all over the world and will continue to do so. The Indian government might be discussing how to legalize virtual currencies in the country.

The senior official quoted mentioned on the matter:

“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon.”

The information is very important not only for India but also for the whole cryptocurrency market. A few days ago, the New India Express reported that there is a similar interdisciplinary committee that is working to ban cryptocurrencies from India.

During the last months, the Indian government has taken very hard measures against cryptocurrencies and Bitcoin. In the past, we have written at CoinStaker that two Indian cryptocurrency exchanges halt trading activities and blame the government because of this situation.

At that time, BTCXIndia and ETHEXIndia informed that they were stopping trading activities. The reason behind this decision was that the government was discouraging cryptocurrencies and that the industry was affected by the position that was taken by the government. Another exchange, Zebpay, had to shut down its operations as well since it did not have banking partners offering services to it.

The committee will be meeting once again in January, according to the official.

“We have also taken inputs from cryptocurrency exchanges and experts and will be examining legal issues with the law ministry,” the source commented about this issue. “It’s a complicated issue. Once all aspects are decided, then we will have more clarity.”

2019 looks to start in a positive way for India in terms of regulations. If the decision to legalize virtual currencies is approved, it will clearly be very positive for the crypto space and for India.