Media: Indian authorities are ready to legalize Bitcoin subject to strict regulation

The government of India is ready to legalize the use of bitcoin and other cryptocurrencies, but only under the strict restrictions of the industry. This is reported by the local edition of New Indian Express .

“There is a general opinion that cryptocurrency cannot be considered completely illegal. They should be legalized under strict supervision. The discussion continues. We will have more understanding on this matter in the near future, ”said a senior government official on condition of anonymity.

Formed by the Ministry of Finance of India, the Commission for the study of cryptocurrency is of the opinion that Bitcoin cannot be outlawed. It is expected that the commission will prepare a new report on this issue by February 2019.

“We also received information from representatives of cryptocurrency exchanges and will discuss legal issues with the Ministry of Justice. These are complex issues, ”the official added.

Note that in December, during the G20 summit, the heads of the participating countries signed a final declaration, in which they noted the need to regulate cryptocurrency. Since India is a member of the G-20, any measures regarding the crypto industry will be coordinated with international practices.

Recall that in April, the Reserve Bank of India banned controlled entities from providing cryptocurrency-related services to individuals and companies.

In November, after numerous delays, the cryptocurrency commission promised to submit a bill on Bitcoin regulation by the end of the year.

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