THE GOVERNMENT OF INDIA LEGALIZES CRYPTOCURRENCIES SUBJECT TO STRICT REGULATION

Indian authorities plan to legalize digital assets, establishing strict regulatory control over this area. According to the New Indian Express publication, the interdepartmental Committee created by the Indian Parliament to study the issues of cryptocurrency regulation, has changed its position and opposed the recognition of cryptocurrencies as an illegal means of payment.

At the last meeting, the Committee developing the regulatory framework and solutions to protect the rights of consumers of the cryptocurrency market, recognized the short-sightedness of the intention to ban digital currencies in the country. The relevant ministries have been issued instructions on the preparation the regulatory acts by February 2019.

It is noted that in addition to the internal discussion, the Committee examines the opinion and recommendations of the country’s cryptocurrency exchanges and relevant experts.

Earlier, the government Committee headed by the India’s Minister of economy proposed to amend the current legislation and to recognize illegal storage of crypto assets that do not have the approval of the government.