Per the local media reports, a government committee has conducted two meetings devoted to the said matter and according to the government report, there is a possibility for a draft to be submitted to the Ministry of Finance of India in February. It has also been reported that digital currencies will obtain legal status under strict regulations.
Apart from holding meetings, the panel has also approached digital currency and specialists and is currently intending on deliberating on legal matters with the Ministry of Justice.
The inter-disciplinary committee was created in 2018 and is the second attempt to concentrate on crypto regulations. It was organized subsequent to the first panel, which dealt with the matters of digital currencies back in March 2017. It suggested a complete restriction of digital currencies in the world’s second largest country by population. Subsequent to this proposal, the Reserve Bank of India proclaimed digital currencies to be illegal. As a result, all financial institutions supervised by the Central Bank of India were restricted from providing services to digital currency-related businesses. The present inter-disciplinary panel was summoned subsequent to the restriction being challenged in the Supreme Court.
This is not the first case of hopeful news from India regarding the legalization of digital currencies. In the middle of 2018, it was said that the inter-disciplinary committee on digital currency was not in favor of a complete digital currency ban and opted for allowing supervised cryptotrading as an alternative.