India Is Finally Set to Reveal Its Crypto Stance

India has been talking about crypto regulation for years, but there is still no clarity on the matter. But now, the situation is changing, as the government is expected to respond next week to the recommendations made by the Parliamentary Finance Committee on virtual digital assets (VDAs).

Indian Government’s Crypto Regulation Response Expected Next Week

As per the latest reports, India’s crypto regulation debate is moving into another stage. The Parliamentary Standing Committee on Finance has reportedly finished its discussions on regulating virtual digital assets (VDAs). The committee chairman Bhartruhari Mahtab stated that the government would respond next week, after which the report would be finalized and submitted. Mahtab added,

“The basic question that arises for this committee is government is not accepting virtual digital assets, doesn’t want to regulate it, but not regulating it also leaves greater scope for different types of indulgences.”

Finance Committee’s Crypto Report: What to Expect?

Notably, the Finance Committee of India is now close to completing its work on VDAs. Over the past year, the committee has been studying the issue. The panel involved the Reserve Bank of India (RBI), the Central Board of Direct Taxes (CBDT), the Finance Ministry, and other stakeholders for discussions.