Indian government legalizes cryptocurrency subject to strict regulation

Indian authorities plan to legalize digital assets by establishing tight regulatory control over this area. According to the publication New Indian Express, the interdepartmental committee created by the Indian parliament to study the issues of regulation of cryptocurrency, sharply changed its position and opposed the recognition of cryptocurrency as an illegal means of payment.

At the last meeting, the Committee, developing a regulatory framework and solutions to protect the rights of consumers of the cryptocurrency market, acknowledged the short-sightedness of the intention to ban digital currencies in the country. The relevant ministries have been given instructions for the preparation of regulation and supervision of the cryptographic industry by February 2019.

It is noted that in addition to internal discussion, the Committee examines the opinions and recommendations of the country’s cryptocurrency exchanges and specialized experts.

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