The Indian authorities intend to establish a team of experts to manage the crypto industry in the country. This is done, among other things, in order to avoid strict bans on digital currency activities, which were previously mentioned more than once in the media.
Indian publications claim that the new commission will study ways to control cryptocurrencies in isolation from another type of currency, since the old methods of control, in their understanding, are already outdated. Earlier, representatives of the Indian Ministry of Finance changed their minds more than once, either expressing support for a total ban on the crypto activity in the country, or, on the contrary, argued that they didn't seek to “crush” the crypto industry. In 2018, the RBI issued a ban on working with crypto assets for local companies, but by 2020 the settlement was canceled.
One of the key figures in the current discussion of digital currencies is the ex-finance minister Subhash Garg, who left the department in 2019. At one time, he lobbied the idea of a taboo on cryptocurrencies for senior management, proposing to introduce massive restrictions on interaction with cryptocurrencies. A group of experts formed now disputes his point of view, considering such a vision irrelevant in the current realities of the cryptocurrency market.
Local informants also argue that the authorities intend to reconsider the tactics of restricting access to a new class of assets against the background of the fact that residents are taking an increasingly active part in the crypto space. In addition, the commissions will be instructed to bring the blockchain to "technological perfection", while simultaneously proposing new approaches to regulation. The development and launch of the digital rupee were also mentioned among the additional tasks.
The position of the head of the new commission is predicted by Anurag Thakura, the Minister of State for Finance and Corporate Affairs of India. Earlier, he, together with the current Minister of Finance Nirmala Sitharaman, said that the authorities intend to “calibrate” the approach to asset regulation instead of imposing a veto.