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Union Budget 2018 was sceptical and not so accommodating when it came to digital currency. However, there have been talks of launching India’s government-backed cryptocurrency. Even now in 2019, there has been no decision on the same.
With the government and RBI being extremely hesitant towards digital money, it doesn’t look like things will improve in future when it comes to accepting cryptocurrency. Though the Centre has released an update on its status of regulating cryptocurrency, they are not in a rush to decide a due-date.
“In the absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations”, stated a state minister of finance in a Parliamentary meet.
A panel consisting of members from the Central Bank, Ministry of Electronics and Information Technology, CBDT and SEBI was formed to further research every aspect of digital currencies and commonly traded crypto-assets like bitcoin.
The committee was required to draft and submit a report by the end of 2018 and investors were expecting some legalisation and regulation of cryptocurrencies in India. When asked about the legitimacy of crypto monies the minister said that the government had not recognised them as a legal exchange so far. An in-house ministry panel is currently examining the issue.
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