Indian Government Sheds Some Light On Crypto Regulations

It has been a hard and difficult situation for cryptocurrency enthusiasts and Businesses in India where the Reserve Bank of India (RBI) unilaterally banned member banks from dealing with businesses or people connected to cryptocurrencies.

It has resulted to the closure of many cryptocurrency related businesses or has forced most of them to move their business elsewhere where there is more regulatory clarity from the government like Singapore or Malta.

To make matters worse majority of mainstream media has picked-up on the notion that the government is leaning towards banning cryptocurrencies and to the point of criminalizing activities that is associated with the industry.

To quell concerns that the government of India has already banned the budding industry it was revealed that the Minister of Finance, Shri Aurag Singh Thakur, told the parliament that the government has not prohibited cryptocurrencies in the country.

In fact it was also revealed that the government has constituted an interministerial committee (IMC) that would study all aspects of cryptocurrency and provide recommendations for crypto regulatory framework.

This means only means that the news about India banning cryptocurrencies are fake news and the government is still working towards regulatory clarity.