Indian government panel suggests possible rule change around legal status of cryptocurrencies

The Indian government may not be in favor of an outright ban on cryptocurrencies, according to an article published by The New Indian Express. One of the publication's sources is a senior government official who attended a committee panel set up by the Indian government in April 2017 to "examine the existing framework with regard to Virtual Currencies." The source told The New Indian Express that "we have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon."

Early this year, the Reserve Bank of India, India's central bank, announced in a press release that it's banning any regulated financial entities from dealing with cryptocurrencies. This announcement forced many major India-based crypto companies to cease operations.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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