The ban on some of the famous cryptocurrencies like the Ethereum, Ripple or Bitcoin in India could now soon going to be removed soon as the second interdisciplinary committee on the cryptocurrencies in India which is formed by the central government is likely to recommend on lifting the ban and legalize it.
The committee will be going to submit its recommendation to the Ministry of Finance in the month of February 2019. There is a very general consensus that the cryptocurrency cannot be removed as totally illegal in the market. It needs to be legalized with the complete orders, according to the report.
This means that India may see the legalization on cryptocurrencies by 2019.
RBI has put the Ban on the trading of cryptocurrencies in the month of April this year, as it was revealed that RBI is going to launch its own cryptocurrency with the name as ‘Lakshmi Coin’ which would become an alternative to the Indian currencies for the digital trading and not just like the Bitcoin which is a non-fiat currency, the new one will be going to be a fiat currency.
If the ban on the cryptocurrencies gets legalized in India, then there are many startups which are completely lined for entering into the market. In the month of January, an Indonesian startup Pundi X revealed that it is planning to launch a crypto exchange as a point of sale network in India so that Indian people can easily buy and invest in the cryptocurrencies.
Some of the day back, there was also news that Facebook is also looking to enter India with its own virtual currency for the purpose of trading by the name as ‘Stablecoin’.