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Indian government is “evaluating” the possibility of issuing a state-backed cryptocurrency , sources have told local news outlet Quartz India on Wednesday, Oct. 10. An unnamed “senior official” has told Quartz that the government has set up a panel that will discuss questions regarding cryptocurrencies and blockchain. While, according to Quartz’s source, the government is looking to “encourage” blockchain studies, the launch of a state-backed cryptocurrency is only an option to be considered. The source has also said that the panel will discuss new amendments to the existing draft bill on cryptocurrencies. One of the proposals is reportedly to make any possession of cryptocurrency without the government’s approval a punishable crime. The panel was created in December 2017 by India’s Ministry of Finance to discuss crypto regulations in the country, Quartz notes. It is expected to present its report by the end of 2018. The Reserve Bank of India (RBI) first announced its ban on p...

The Indian government is considering whether to allow crypto tokens to be used in the country, despite its hardline stance on cryptocurrencies, local news outlet DNA India reports August 10. A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft proposals are finalized, the legislation will be tabled before the Parliament, according to DNA’s source. DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.” While emphasizing that ...