India is Rethinking its Ban on Cryptocurrencies

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The Economic Times has reported that the authorities of India are rethinking the total prohibition of cryptocurrencies in the country.

The publication has reported citing 3 sources familiar with the situation that the country is discussing the possibility of setting up a panel of experts whose aim would be to decide whether the country should develop a framework to regulate cryptocurrencies instead of banning them completely.

Remember that the Reserve Bank of India, the central bank of the country, banned banks from offering their services to any company dealing with cryptocurrencies in a way or another, similar to the ban imposed by China yesterday.

However, the Supreme Court of India lifted this ban last year. Now, government officials believe a regulation of the crypto industry is an option worth considering.

The authorities believe the recommendations made in 2019 by former finance secretary Subhash Garg to ban cryptos are outdated.

As a result, crypto companies operating in India should welcome the news with hope, as it opens the door to a possible regulation that would allow them to operate legally in the country.