The Future of Cryptocurrencies in India

A lot has been talked about the future of Cryptocurrency in India in the recent past. The issue with the regulation of cryptocurrencies has been quite evident for a long time. It was also said that the tax department wanted to ban it.

Also, earlier this month, an RTI application revealed that the central bank had neither conducted any research nor consulted opinions from experts or the Government before enforcing the arbitrary banking ban on the cryptocurrency sector. The Government of India, however, had never been clear about this and the discussions persisted on cryptocurrency forums among traders and investors regarding the future of Cryptocurrency. It all seems to change in the near future.

In a recently held interview on ET Now, dated 18 June 2018, Mr. Subhash Chandra Garg, Economic Affairs Secretary, threw some light over the ongoing issue.

Mr. Subhash Chandra Garg, who also heads the committee on the future of Bitcoins in India, said that the committee is close to developing a template, which would be in the best interest of the country.

We are fairly close to developing a kind of template which we think might be in the best interest to our country. We have prepared a kind of draft that we intent to discuss with the committee members in the first week of July. We actually moved quite a lot in that, what part of this business should be banned, what should be reserved and what not. That kind of lot of detail work has happened and now we should be in a position to wrap that up in the first fortnight of July. — DEA Secretary Subhash Chandra Garg” he added.

We may, after all, finally get some answers on the future of Cryptocurrency in India. Mr. Garg further stressed on the point that a lot of detailed work has been done regarding this and the final decision is expected to come out in the 2nd week of July. There are also voices within the Government that believe Cryptocurrency could be a reality. So users shouldn’t panic and start selling. It’s just a matter of three weeks now!

We hope we’ll get some positive news soon. But just in case the Government of India gives us negative news, do not worry, for we already have a Plan B ready. You will still be able to trade crypto with FIAT.

Interestingly, Cryptocurrency is not something that can get banned. The users who want to hold can always hold it. The users need to understand why exactly it came into existence. This was in the wake of the financial crisis.

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