There is news of relief for those who want to invest in cryptocurrency or have invested in this currency. According to sources, the Indian government is not planning to ban cryptocurrencies anymore. According to a Business Today report, even bringing this currency under the legal framework is likely to be discussed in the upcoming budget in the month of February itself.
The Indian government is preparing to regulate cryptocurrencies in the budget to be presented in February. The report quoted Finance Ministry officials as saying that legislation covering cryptocurrencies could be discussed in the upcoming budget to make the cryptocurrency a legal tender now.
Finance Ministry discussing the law
The report says that the finance ministry officials are discussing laws to regulate cryptocurrencies. The emphasis of the authorities is that the customers investing in this currency should be given a guarantee. It should not happen that after good marketing and investment, the currency disappears completely from the market and people lose money. So, the Government of India is considering all those aspects and trying their best to make sure that people do not face any loses. And now when Government of all other countries are also in the mid of conversation making cryptocurrency a legal tender how would have our government lacked behind in this aspect too.
The central bank has also given indication
The central bank has also given its indication in the past on recognizing cryptocurrency or bitcoin. A few months ago RBI governor said that we are looking at cryptocurrency as to how it can be introduced in the Indian market. However, he said that it is too early to say anything about it. Because, the officials will take a decision only after studying all the aspects.
Slow growing market:
The craze of cryptocurrencies is slowly increasing in India. However, there is no legal framework available for its trade, use. Despite this, more than 15 lakh Indians have invested on it. Many big businessmen are also included in these investors list. And obviously when it comes to the loses of big businessmen in India, the Government of India would not let that happen and these people are the drivers of India’s economy.