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Regulating Cryptocurrency in India is next to impossible, says an Official

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The confusion regarding cryptocurrency has still not ended in India. The failure in comprehending what this Industry actually means has resulted into calling the sector ‘illegal’. The authorities have endlessly tried declaring it illegal but also imposed taxation on it.

Banned or Not Banned?

The Indian Government’s denial of the cryptocurrency sector is not brand new information. Previously, a number of attempts to warn the commoners was made by the officials. And now it has come to a point where cryptocurrency stands neither banned nor regulated in India.

In the month of February, the responsibilities of the regulators have been assigned but the structure of the regulations was still not finalized. The Finance Ministry has set up two committees to advice about the regulations. The first one has recommended the usage of cryptocurrency in India while second one is still not sure and has not provided a concluding statement.

Mr Shaktikanta Das, who lead the 2017 panel, thinks that regulating Cryptocurrency is not an easy job. He said, “You cannot enter every home to check what transactions are going on.” He drew a shocking conclusion saying that accepting that it isn’t possible to regulate cryptocurrency is the right choice now.

Mr Das being an eminent personality of Financial world has a lot of importance when it comes to his opinions. Experts have come to a point where they feel it is true that regulating Cryptocurrency is a cumbersome job in India but banning it is completely insane.

Seems like India is tangled in a crypto web which will need time to untangle.

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