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Rumors that the Indian government might impose a crypto ban have been swirling around since last year. However, a new report suggests that it might no longer happen as the government is now reevaluating its stance toward digital currencies.
The Indian government may form a new panel to study the possibility of crypto regulation in the country, according to Economic Times citing three unnamed sources who are knowledgeable on the discussions. The move came as the recommendations made by a committee headed by former finance secretary Subhash Garg, which called for a blanket ban on cryptos, are now increasingly viewed as outdated.
“There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at the use of cryptos rather than a total ban,” a government official told the publication. However, discussions for the new panel are still at their early stages and its creation is not yet supported by a formal resolution.
There are speculations that the new panel might be tasked with investigating the potential uses of blockchain and come up with suggestions on how to regulate fiat and crypto separately, according to Cointelegraph. The panel might even work with the Reserve Bank of India, the country’s central bank, on its CBDC project called the digital Rupee.
Minister of State for Finance and Corporate Affairs, Anurag Thakur, is among those reportedly considered to become a member of the new panel. Thakur earlier met with members of the crypto and banking industries in forums to discuss potential supervisory risks in the sector.
The source said that Anurag Thakur will likely be briefed by Finance minister Nirmala Sitharaman’s team to keep her up to speed on the latest developments in the country’s crypto industry. Indian exchanges have recently reported sustained retail demand amidst the ongoing crypto market rally.
After months of hearing rumors of a ban, many within the crypto community are now looking forward with optimism. Both Thakur and Sitharaman have publicly said that the government would take a “calibrated” approach in regulating the crypto industry instead of imposing an outright ban.
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