Speculation is rife about the Indian government considering implementation of cryptocurrencies in financial transactions in the country. The draft for crypto regulation in India is currently underway albeit massively delayed.
DNA reports that their sources have mentioned that the government is mulling using cryptocurrencies but once the regulation draft is tabled before the Indian parliament.
What caught my attention in DNA's post was this:
"The committee is examining if crypto tokens can be used to replace smart cards such as metro cards in the public sector to start with. Similarly, in the private sector, it can be used in loyalty programmes such as air miles where its use is limited to buying the next ticket and can't be converted into money," said a senior official in the ministry.
The committee set up by the finance ministry under the chairmanship of Department of Economic Affairs (DEA) secretary is studying the possibility of using various crypto assets, including crypto currency.
While the anonymous source doesn't prove anything at this point, but the fact is that the debates around this subject have raised these points in the past. Our protectionist government is taking it slow but I hope they will have solid legislation in place. One that is pro-modern technology and is liberal with cryptocurrency use-cases.
But for now I'm going to ask you to take this update with a pinch of salt as there's not enough clarity on this matter for it be considered a fact. Let's just wait and watch how things go on from here.
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Man this news is truly a breath of fresh air from India. After the recent few months crypto news from India hasn't been the best and then news like this comes out and it can actually be a possible game changer.
I am not saying that this might change everything but it might be the start of something big. First and foremost being the positively changing stance of the government which can possibly encourage people in a good way.
India is a huge market with more than a billion people living there.. this will be big blessing for cryptocurrency..
Great news!
Wow that is really great if it happens. Thanks for the info @firepower
Keeping the fingers crossed.
This pinch of salt will definitly make our curry more tasteir in future.The wind is begining to blowing in positive directions,thanks for great updates.
What is crypto token? Is it similar to cryptocurrency?
I hope so Indian government will take positive action for Crypto lovers and there will be introduce some rules and regulations regarding Bitcoin and other tokens..
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Never think that government will allow cryptocurrencies. Governments can issue cryptocurrencies but those cryptos will not be your bitcoin, etherium, shitcoin types cryptos. They will be highly centralized cryptos on which govenments will have sole monopoly. You cannot mine them. You can transact with them only. People will adopt them heartily because they believe more on governments, instead of private entities. So, finally this will end the true crypto business and ultimately governments will be the winner.
This virtual money will make everyone a puppet of government because with their implementation, governments will be able to trace every transactions and can even forbid someone to stop transacting by freezing their accounts.
If it comes true then It would be great news brother :D :D :D