In view of the global progress and development trends in the cryptocurrency field, the government has decided to form a group. The group will present its report on cryptocurrency regulation. Three reliable sources provided this information to the Economic Times. Then, the transaction will be legally recognized, making investment easier and safer.
In early 2019, the government established a committee headed by former Finance Minister Subhash Garg. He clearly pointed out in the report that the use of cryptocurrencies should be completely banned. The government now believes that it is impossible to completely ban cryptocurrencies. The new committee will study the possibility of using blockchain technology to update technology. On this basis, the committee will also make recommendations on the regulation of digital currencies.The Reserve Bank also recently announced that it will launch its own digital currency. In this case, the committee will comment on how this digital currency works. The report stated that the investment in cryptocurrency is 100 billion rupees, and the hearing is underway. In the government, the committee on a total ban on Subhash Gargs cannot be fully implemented. In this case, you need to look at it from a new perspective. The finance department is closely monitoring the country's increasing adoption of cryptocurrencies. According to the report, about 10,000 rupees in our country are invested in cryptocurrencies. Investors have invested approximately Rs 1 crore in cryptocurrencies.
The opposition is also included in this panel
As Finance Minister Nirmala Sitharaman and Anurag Thakur have said on different occasions, in addition to the fact that the formation of the organization will also include opposition leaders, the name Anurag Thakur can also be used in the organization that forms the government. The government will not completely ban cryptocurrencies. In this case, the government will insist on adopting standardized methods.
The cryptocurrency bill will arrive during the monsoon season
It will be introduced at the budget meeting itself, but not currently. It is believed that the bill will be introduced in the rainy season. In this bill, the report of the Subhash Garga Committee occupies an important position. In its current form, the bill would treat the trading and storage of cryptocurrencies as a crime.
The cryptocurrency ban was lifted in 2020
In 2018, the Reserve Bank imposed a cryptocurrency trading ban on all banks. The case was later transferred to the Supreme Court. The Supreme Court overturned the Reserve Bank's decision in February 2020. IAMAI has appealed the Reserve Bank’s order to the Supreme Court.