India’s government is reported to be looking to overturn many of the recommendations made by former finance secretary Subhash Garg in 2019, a known opponent of blockchain and crypto regulation.
According to a report published in the Economic Times, three unnamed sources close to the matter have said the government intends to rethink its approach to crypto.
An anonymous official told the business publication: “There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban.”
A new panel is likely to be appointed which will give crypto and blockchain, as well as their respective uses, a fairer assessment as well as explore ways to regulate crypto space in India.
The report named the Minister of State for Finance and Corporate Affairs, Anurag Thakur, as a potential member of a new committee.
India has long been toing and froing with cryptocurrencies. In 2018, the Reserve Bank of India imposed a blanket ban on all financial services involving cryptocurrencies on a bank level. However, this ruling was challenged and ultimately lifted by the country’s Supreme Court in February 2020.
This is the latest signal that the country may be breaking away from a restrictive attitude towards crypto and blockchain and look at the technology’s merits and potential benefits to society.