The winter session of the Indian parliament is all set to finally introduce legislation on cryptocurrencies. While there was some fear among Indian crypto advocates sometime back regarding the complete ban of cryptocurrencies in the country, the fact is that an outright ban seems outlandish at the moment. In recent years, Indian investments in the crypto world have skyrocketed, and as a result, the Indian government is wary of stepping on investors’ toes by introducing hardline rules and regulations.
Instead, the ruling BJP government led by Prime Minister Narendra Modi is considering a more subtle approach to dealing with the problems presented by crypto. Recently, a government spokesperson revealed that the approach will be one that’s been preached by Buddhism practitioners around the world – the middle path.
Recently, the policymakers went through a detailed presentation on cryptocurrencies. The presentation touched on various important aspects of cryptocurrencies such as the regulations that other countries have adopted, crypto’s pros and cons, and Indian investments in digital currencies. The views of the Reserve Bank of India were also taken into consideration.
At the moment, it’s safe to say that no cryptocurrency will be considered as legal tender alongside the Indian Rupee anytime soon. It’s also likely that certain rules will be enforced by the authorities to keep the activities of crypto players in check. However, the good thing for crypto advocates is that while cryptocurrencies are set to be regulated in India, there isn’t likely to be any serious move taken against crypto investors. After all, digital currencies are paving the way for a new future.