India is all set to move forwards with the regulatory framework for cryptocurrency legalization as the government has moved to to provide their stance on crypto businesses licensing. Answering questions regarding crypto regulations at the lower parliament house of India, the Minister of State in the Ministry of Finance, Shri Pon Radhakrishnan reported that the government was looking to develop a technically feasible solution and will be pursuing the matter with due caution. He also revealed that there could be given no timeline as to when there would be a concrete decision from the state regarding cryptocurrencies. The detailed answer reads:
In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution.
Much to the disappointment of hopefuls, Mr. Radhakrishnan also revealed that no decisions and business licensing had been done regarding Bitcoin or any other cryptocurrencies. He also denied keeping track of crypto trades by Indian nationals, rendering it unrecognized. He confirmed:
No decision on licensing and authorizing any entity or company to operate such schemes or deal with bitcoins or any virtual currency has been made as yet.
Sharing his view regarding India’s situation and movement in the crypto space, Indian finance expert Jatin Naveshak stated that cryptos have all the attention from all corners of the finance sector in India. He said:
It [India] is right up there with the rest regarding interest [in the crypto space] and the government is examining every possibility to introduce India’s official digital currency.
Previously, crypto expert Joseph Young has spoken about how overregulation in India is killing the market potential. He stated that India is the world’s biggest remittance market and cross-border transactions there are very difficult for expatriates without banking accounts in some regions. He branded it a shame that the government is not giving much thought to cryptos and their feasibility in the region.
Maybe the government has listened, but is proceeding with due caution.