The cryptocurrency regulatory landscape in India has not yet reached any conclusion. People are expecting the finalization of the cryptocurrency bill any time soon after the subject is discussed in the parliament. In the context of recent developments, the Indian think tank CIS has recommended the government not ban private cryptocurrencies in favor of an official digital currency.
Centre for Internet and Society, or CIS, is an established and reputed think tank in India. The supreme court of India has previously used research of CIS to corroborate the court’s judgment. Policymakers also rely on the research of CIS in many cases. Coming from such a reputed nonprofit organization, the recommendation is likely to have an effect on the upcoming cryptocurrency bill.
Among the recommendations put forward by CIS, the main ideas revolve around regulating cryptocurrencies instead of banning them. Banning cryptocurrencies will lead to both economic and social upheaval since India has a huge number of cryptocurrency users. Instead, the CIS recommends integrating cryptocurrencies into existing regulatory bodies. For instance, SEBI and RBI can look after different aspects of digital assets. These are the apex financial authorities in India, and CIS is of the opinion that they are capable of handling crypto regulations.
If the ruling government takes these recommendations into consideration, it might mean a positive outcome for the Indian crypto community. Most reports claim that the chances of India banning cryptocurrencies are slim. However, nothing is official until the bill passes in the parliament.
