1 August 2026
Indian Government to Reconsider Crypto Ban
Indian government is all set to change its stance on cryptocurrencies with a new regulatory panel formation.
As per the Economic Times report, three inside sources revealed that there would be the formation of a new panel of experts mainly focussing on regulating crypto trading in India. This move comes amid increasing support for overturning recommendations led by former Finance Secretary Subhash Garg in 2019 for a blanket ban on crypto-assets.
The newly formed panel will investigate the usage of blockchain for technological enhancement and suggest ways to regulate crypto assets. It would also work closely with the Reserve Bank of India on the proposed digital Rupee project.
As per reports, the Minister of State for Finance and Corporate Affairs Anurag Thakur may join the new committee. Thakur and Finance minister Nirmala Sitharaman both previously hinted that the government would prefer regulating crypto assets rather than imposing a ban.
In 2018, RBI had banned all banks from enabling customers to trade in cryptocurrency; however, the Supreme Court overturned this in February 2020 after a petition filed by Indian fintech entrepreneurs and experts.
There are many speculations that a blanket ban would be reimposed. In March, the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 was scheduled to be addressed in parliament, but it was postponed for unknown reasons
Sitharaman will be briefed by her team this month regarding ongoing developments in the Cryptocurrency space. There has been massive momentum in the crypto space despite the ever-present regulatory fears.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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