Cryptocurrencies will be regulated in India: The New Indian Express

According to a report by The New Indian Express, the inter-disciplinary committee led by Subhash Chandra Garg is not in favour of banning cryptocurrencies in India and is planning to recommend regulating these with riders instead. In fact, the news report has even stated that the committee has not submitted its findings to the Indian government and plans to do this only in February after some more meetings. This news report is in stark contrast to a CNBC Awaaz report which said that the committee has already submitted its report to the government and has recommended an absolute ban. Which one is right? Well, we would want The New Indian Express to be right, but just like CNBC Awaaz, they have quoted anonymous officials in their report making it difficult to verify the authenticity of their claims.

Interestingly, The New Indian Express also mentions that the latest G20 meeting has had an impact on the direction taken by the committee. In the G20 meeting held earlier this month, the countries agreed on regulating cryptocurrencies to combat money laundering and corruption, along with implementing a cross-border taxation system. The committee members who attended the G20 meeting are expected to submit their insights in their report to the government. The report also revealed that the committee has met cryptocurrency exchanges and other experts for their inputs.

It is good to finally see a positive story emerge out of the Indian regulators. While Crypto Twitter (including us) are obviously excited, we do hope that there is some semblance of truth to the story. Indian entrepreneurs and investors need a regulatory backing for this nascent industry to survive and thrive in the country. Let’s hope the government takes the correct stand on this one!