Government panel in favor of lifting India’s crypto ban

Government panel in favor of lifting India’s crypto ban 1

India is soon going to lift the ban on the cryptocurrencies like the Ethereum, Bitcoin, the Central government forms ripple as the second interdisciplinary committee on the cryptocurrencies in India is likely to recommend lifting the ban and merely regularize it.

The committee which submits its recommendations to the finance ministry around the Feb 2019, already has two meetings in favor of legalizing cryptocurrencies in India which are currently banned by the Reserve Bank of India, upon the recommendations by an earlier government committee back in 2017.

This means that India may soon see the legalization of the crypto by the Feb 2019 with the heavy regulations.

In the Sep 2017, it was reported that the RBI is also planning to launch its fiat currency by the name as ‘Lakshmi Coin’ which would also become an alternative to the Indian Rupee for the digital transactions and unlike the bitcoin is a non-fiat currency, the new ‘Lakshmi’ will be going to be a fiat cryptocurrency.

If the ban on the cryptocurrencies gets lifted, then there are various startup which is already aligned and waiting for entering into the Indian market. In the month of January, an Indonesian startup that is Pundi X revealed that is going to launch the point of sale network in India so that the people in the country can buy and invest in the cryptocurrencies not just online and offline as well.

Just few couple of days back, it was also reported that the Facebook is also looking to enter India with its cryptocurrency as it is said to be working on making a cryptocurrency called the ‘Stablecoin’ that will also let the users transfer money on the Instant Messaging app Whatsapp, with India being the first significant remittances market Facebook will be focusing at.

Report

Written by Udit Agarwal

Startup/Tech News Correspondent, Responsible for gathering information on the tech companies working on IOT, AI, ML, Cloud, Mobile Technologies,

Udit can be reached at [email protected]

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