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Indian government plans to study Bitcoin trading, appoints a new panel for cryptocurrency regulations in the country.
Earlier there have been reports of the Indian government planning to ban Bitcoin and cryptocurrency in the country.
According to The Economic Times report, the Indian government is reconsidering its decision to ban Bitcoin and Cryptocurrency trading in India. Authorities think the recommendations given by Mr. Subash Garg, former Finance Secretary of India are rather outdated.
The appointment of a new panel will restudy the possibility of usability blockchain technology in various sectors. Explore the potential regulatory framework for Bitcoin and other digital assets.
Though there is no formal announcement about the formation of the new panel, talks have started between various stakeholders including cryptocurrency trading platforms in the country to evaluate the market.
There has been a sort of confusion going on related to the crypto regulation in India for the past few months amongst the Indian crypto community.
With the Bitcoin dropping below $39000 for the first time since February 2021, resulting in a significant drop in the overall market capital of digital currencies.
Currently, the total market capital of digital currencies has dropped significantly during the last 24 hours after Bitcoin dropped below $39,000 for the first time since February 2021.