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class="content" id="genesis-content"><article class="post-7788 post type-post status-publish format-standard has-post-thumbnail category-general-news category-news tag-cryptocurrency tag-india tag-news tag-regulations entry" aria-label="India could soon legalise cryptocurrencies"><header class="entry-header"><h1 class="entry-title">India could soon legalise cryptocurrencies</h1> <p class="entry-meta"><time class="entry-time">December 28, 2018</time> By <span class="entry-author"><a href="https://www.crypto-reporter.com/author/vitali-maldashou/" class="entry-author-link" rel="author"><span class="entry-author-name">Vitali Maldashou</span></a></span> </p></header><div class="entry-content"><p><strong>At the same time India’s government will introduce a rigorous crypto control</strong><span id="more-7788"></span></p> <p><img decoding="async" class="aligncenter size-full wp-image-166" src="https://www.crypto-reporter.com/wp-content/uploads/2017/11/indian_flag.jpg" alt="" width="1200" height="788" srcset="https://www.crypto-reporter.com/wp-content/uploads/2017/11/indian_flag.jpg 1200w, https://www.crypto-reporter.com/wp-content/uploads/2017/11/indian_flag-300x197.jpg 300w, https://www.crypto-reporter.com/wp-content/uploads/2017/11/indian_flag-768x504.jpg 768w, https://www.crypto-reporter.com/wp-content/uploads/2017/11/indian_flag-1024x672.jpg 1024w, https://www.crypto-reporter.com/wp-content/uploads/2017/11/indian_flag-600x394.jpg 600w" sizes="(max-width: 1200px) 100vw, 1200px" /></p> <p>Indian authorities are planning to legalise the crypto industry, at the same time imposing tough control rules over the crypto market. According to <a href="http://www.newindianexpress.com/business/2018/dec/26/bitcoin-on-highway-to-being-legit-1916541.amp">New Indian Express</a>, the country’s second interdepartmental committee, which is in charge of researching the blockchain industry, says digital money can no longer be ignored, and total ban is not an option.</p> <p>The committee has met twice on the issue and is likely to submit a report to the finance ministry by February 2019. The members of the committee are representatives of the Securities and Exchange Board of India, the Ministry of Electronics and Information Technology, as well as RBI.</p> <p>Last year, members of the first interdepartmental committee recommended a total ban on cryptocurrency in the country with immediate effect. The first interdepartmental committee gathered representatives from the Central Board of Direct Taxes, the Ministry of Home Affairs, the Ministry of Electronics and Information Technology, the <span class="st">National Institution for Transforming India, RBI</span> and SBI.</p> <p>In April, the Reserve Bank of India (RBI) <a href="https://www.crypto-reporter.com/news/indian-central-bank-prohibits-financial-institutions-from-dealing-with-cryptocurrency-businesses-2908/">prohibited</a> financial entities regulated by RBI from providing services to individuals or businesses dealing with digital assets. As a result, banks refused to cooperate with local crypto exchanges, causing some platforms to shut down.</p> <p>Yet, various supporters of cryptocurrncies challenged this decision in the Supreme Court. Following conflicting opinions, the second inter-ministerial committee was set up by the government.</p> <p> </p>  </div><footer class="entry-footer"><p class="entry-meta"><span class="entry-categories">Filed Under: <a href="https://www.crypto-reporter.com/category/news/general-news/" rel="category tag">General News</a>, <a href="https://www.crypto-reporter.com/category/news/" rel="category tag">News</a></span> <span class="entry-tags">Tagged With: <a href="https://www.crypto-reporter.com/tag/cryptocurrency/" rel="tag">cryptocurrency</a>, <a href="https://www.crypto-reporter.com/tag/india/" rel="tag">India</a>, <a href="https://www.crypto-reporter.com/tag/news/" rel="tag">news</a>, <a href="https://www.crypto-reporter.com/tag/regulations/" rel="tag">regulations</a></span></p></footer></article></main><aside class="sidebar sidebar-primary widget-area" role="complementary" aria-label="Primary Sidebar" id="genesis-sidebar-primary"><h2 class="genesis-sidebar-title 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