According to the recent reports, the Indian government is approaching cryptocurrency regulations with caution. Mr. Pon Radhakrishnan, the Minister of Finance and Shipping updated about the regulation news. The minister said that the lack of a “globally acceptable solution” meant lawmakers would be issued by the lawmakers soon.
Indian Lok Sabha said:
“In the absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.”
In November 2018, the Indian government announced that it is going to regulate cryptocurrencies. According to the reports, the regulatory body will be issuing new rules on cryptocurrencies under the guidance of Prime Minister Mr. Narendra Modi. The report also claims that the government will be providing some clarity on digital currencies by the next two months.
Mr. Subhash Chandra Garg, secretary, the department of economic affairs, will be leading the regulation committee. Recently, there have been rumors that the Indian government is planning to issue its own cryptocurrency, but none of the officials have confirmed the plan.
Before that Mr. Arun Jaitley, the Minister of Finance and Corporate Affairs also announced that cryptocurrencies such as Bitcoin are not considered as a legal tender.