Given the recent developments, many crypto investors and exchanges feel that the government may not go for an outright ban on virtual coin trade in the country.Įarlier in March, the Ministry of Corporate Affairs (MCA) had asked companies to declare their cryptocurrency investments and was viewed as another indication that the government may consider the option to regulate cryptocurrency trade. However, many within the government now feel that the suggestions of the committee have become “outdated”. A few days ago, a report indicated that the government is planning to set up a new expert committee to re-examine all aspects of crypto trade.Īn earlier committee headed by former finance secretary Subhash Garg in 2019 recommended a blanket ban on cryptocurrency trade. RBI’s statement is important as it is another indication that the government is looking to soften its stance on cryptocurrency trade and go for regulation rather than a ban. This, too, is a welcome move according to WazirX’s Nischal Shetty as all exchanges providing cryptocurrency trade services to customers are up to date with all regulations. The RBI also asked banks and other regulated entities to carry out customer due diligence processes in line with regulations governing “standards for KYC, anti-money laundering, combating of financial terrorism and obligations of regulated entities under PMLA, 2020 in addition to ensuring compliance with relevant provisions under FEMA for overseas remittances”. Let’s continue to build the Indian crypto ecosystem.
This news has brought joy and confidence to everyone in the sector. There are over 1.5 crore Indians in Crypto. On Twitter, Shetty said, “It’s amazing to see RBI clarifying and helping solve uncertainty for Crypto in India. He said banks will now have more clarity in dealing with crypto exchanges. Nischal Shetty has welcomed RBI's statement and said it is a positive development for the entire crypto sector in India.
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