India will consider the possibility of using bitcoin in the country

20.05.2021 |

After repeated discussions of a complete ban cryptocurrencies in India, and the announcement of a transition period, after which cryptocurrency holders were expected to face administrative and criminal liability, the country’s government decided to listen to the proposal of the industry participants. The authorities intend to create a committee to study the possibility of legalizing digital assets, including bitcoin.

Although even the initiative to create a special body is under discussion right now, authorities are talking about the possible recognition of cryptocurrencies as a digital investment asset with appropriate regulation. The committee will also be responsible for studying the application of blockchain technology itself in various sectors of the economy and the public sector.

Earlier in 2019, a working group was already created to study the crypto industry. At that time, experts concluded that free finance had no real value, which was followed by a recommendation to ban digital assets of this type on the territory of the country. However, a number of government members considered these statements to be inconsistent with the current state of affairs in the industry. Therefore, it was decided to discuss the future of cryptocurrencies with all stakeholders and explore a possible algorithm for further regulatory action.