In a positive and welcoming development, reports have emerged that Indian government is re-considering its stance on cryptocurrency and it is now rethinking about the possible crypto ban in the country. According to The Economic Times report ,the finance ministry is willing to discuss the future of cryptocurrency in India with a fresh perspective.
Citing the sources, the report said that the government is monitoring the crypto trading in the country which is growing rapidly as well as how will its decision impact the stakeholders. It is also discussing the possible risks that it will have to counter if it goes ahead with not banning crypto.
In 2019, a panel was made which was headed by former finance secretary Subhash Garg to present a report on how to handle cryptocurrency. The panel had suggested a blanket ban but now an unnamed source has claimed that the government thinks the panel’s recommendations are outdated two years later.
“There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban,”
There are talks of ministry forming a new panel to discuss the use of blockchain for further technological purposes as well as regulating crypto assets. Minister of State for Finance and Corporate Affairs, Anurag Thakur is one of the many names who is expected to be involved in the panel.
The report also says panel will consist of people from opposition parties for a better and unbiased judgement.
Recent change in approach
Anurag Thakur was one of the earliest government officials who had given a positive signal about the future of crypto assets in the country. He had talked about regulating crypto assets rather than banning them in an interview he had given during the winters this year.
In March 2021, Indian finance minister Nirmala Sitharaman had given the biggest positive signal when she told that the government wanted to experiment with different outcomes related to cryptocurrency and for that, it was going to have a calibrated approach towards it.
Before the interview Anurag Thakur gave, India had often been conservative about cryptocurrency which had started with a blanket ban in 2018. However, the ban was later lifted by the Supreme court but the approach remained the same yet.
It has only changed in the last few months with the growing popularity of cryptocurrency among masses.
Nirmala Sitharaman is expected to be briefed by her team later this month on this issue and the eyes of Indian crypto enthusiasts are set on that meeting.