India to Lift BAN on Crypto?

ACHCHE DIN around the corner?

In a cohesive an surreptitious meeting with one of the senior employees from the Reserve Bank of India; one can easily conclude that the central government is quite positive for framing and regulating the use and exchange of virtual currencies through multiple exchanges in India.

The digital technology experts and analysts committee led by financial connoisseur Mr. Subhash Chandra Garg said,” I don’t think anyone of us is thinking to Banning it. Trade is not a criminal offence. Most of us trade in various assets class in the stock market. So how is this (crypto trading) any different? What has to be in place is the mechanism that makes sure that the money used is not illegal money. Also, to track its source is an important fixation.”

The GST council vis-a- vis the Finance ministry is almost ready with a Frame that raises, categorises, traces and is subjective to the amount of value that can be taxed with a time based horizon.

The RBI deputy governor Mr. R Gandhi was of the opinion that treating crypto currencies as commodities would clearly demonstrate that Crypto is Not any form of Currency. The committee is mostly concerned about tracking down investors and funds in order to fight money laundering and illicit funding (local or foreign).

So the vision of Digital India is all set to throttle? Achche Din are here? Please comment your views and opinions. Cheers.