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India is reportedly moving away from its earlier attempts to restrict the use of cryptocurrencies.
During a meeting on Saturday, Prime Minister Narendra Modi said the government will continue to actively engage with experts and other stakeholders in researching crypto technologies.
Earlier, there were calls in India for stricter rules on virtual coin transactions, as an unregulated environment could push more domestic savings towards the asset class and could jeopardize household savings.
India has had a hot-and-cold relationship with digital currencies in the past few years. In 2018, it effectively banned crypto transactions after a series of scams following Modi's sudden decision to cancel large banknotes at the end of 2016. The Supreme Court lifted the restriction in March 2020.
As for the Reserve Bank of India, it remains a critic, but is currently working on a digital currency. The government could submit a bill about it for the cabinet's approval.
The meeting last weekend also concluded that attempts to mislead the country's younger generation with overly promising and opaque advertising should stop. It was also discussed that unregulated crypto markets cannot become a vehicle for money laundering and terrorist financing.
The meeting also reviewed world examples and best practices, where it was emphasized that India should strive for global partnerships and collective strategies in this matter.
India's parliamentary finance group will meet with industry experts this Monday to discuss further the crypto challenges and opportunities.
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