Potential Ban U-Turn for India’s Government

Potential-Ban-U-Turn-for-indias-government

India’s government panel reported today that their cryptocurrency policy is in in favor of a blanket ban.

India had recently enforced a banking blockade by the country’s central bank. According to India’s largest business TV news channel, Economic Times, the Indian government will recommend allowing cryptocurrency trading with guidelines in the form of regulation.

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The report by economic times has yet to be substantiated, however the Indian government had previously established a framework for the domestic cryptocurrency sector back in 2017.

If the report is true, legislative movement to regulate cryptocurrency will bring much relief to the adopters and businesses who felt the sting of the banking blockade enforced by the Reserve Bank of India back in April.

Earlier this week, the Reserve Bank of India admitted that they had not conducted any research nor consultation with any government panel prior to enforcing the ban. This seems to be an increasingly arbitrary decision taken upon the government panel in order to stifle the growth of the cryptocurrency industry.

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