Ban Private Cryptocurrencies but Keep Official Digital Currencies in Mind: Govt Panel
Tuesday, July 23, 2019 IST
As reported by CNBC-TV18, the associated risks and price volatility have urged the inter-ministerial panel to suggest a ban on private cryptocurrencies.
An inter-ministerial panel, which was appointed by the Government of India to examine the economy of cryptocurrencies and digital currencies, has submitted its report suggesting the path that India should take regarding digital currencies in India. As reported by CNBC-TV18, the committee has suggested against legal operation of cryptocurrencies in India. It said in its report, "As for private cryptocurrencies, given risks associated and volatility in their prices, Group recommended banning of cryptocurrencies in India, and imposing fines and penalties for carrying or of any activities connected with them."
The concern expressed by the government panel is in line with what many other countries have ruled. Security concerns around operations of private cryptocurrencies, along with the rising intensity and sophistication of cybercrimes have also played a significant deterrent. However, the inter-ministerial panel has not entirely ruled out the usage of digital currencies as the economy evolves. "The Group has also proposed that the Government keeps an open mind on official digital currency," read one part of the report, as the Indian government looks at ways to establish fiat cryptocurrencies in the long run.
As of now, it seems that cryptocurrencies operated privately are heading towards a definite ban in India. The ongoing hearing at the Supreme Court of India should lay down a foundation for laws and regulations pertaining to cryptocurrencies in India, and it remains to be seen how the underlying cryptocurrency community of the country responds once the Supreme Court judgement is issued.
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