India could be making a U-turn on its directives for cryptocurrencies. Per reports from the New India Express, a second interdisciplinary committee set up by the Indian government is considering making cryptocurrencies legal in the country again but with more stringent rules.This revelation comes just a few months after a government panel suggested the creation of a new regulatory framework within the Reserve Bank of India (RBI) that bans digital assets and declares crypto transactions illegal in India.According to an unnamed senior official who spoke with the New India Express, the committee had met twice, but deliberations were still ongoing.“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon.” The first interdisciplinary committee on cryptocurrency was set up by the government of India back in March 2017, including Ministry of Finance officials. This committee consisted of various banking and state departments. Following a recommendation from the committee, the RBI directed all banks and other financial entities in the country to refrain from transacting with digital assets.However, the second committee, which was convened by Subhash Chandra Garg, the Secretary of the Department of Economic Affairs, was set up to review the resolu...
