India's Bollywood-Worthy Twists & Turns as Gov't Set to Make | Bitcoin Industry
India's Bollywood-Worthy Twists & Turns as Gov't Set to Make Key Crypto Decisions.
India’s protracted struggle with crypto-related legislation has taken yet another confusing turn, while a range of options appears to be on the table for a key meeting to be held today – with the crypto-skeptic Prime Minister Narendra Modi set to make a decisive call in the next few hours.
The confusion is increasing with more “insiders” claiming that “a select few” tokens could be permitted under a system that bans most coins. Some observers even suggested that crypto mining could be banned – while non-fungible tokens (NFTs) could escape regulatory scrutiny.
Per the Economic Times, the perennial and perpetually anonymous “two persons familiar with the development” explained that crypto was on the agenda at a “high-level meeting held on Thursday to consider all the options,” as the government tried to create a framework of regulations.
“One of the persons” was quoted as stating that the meeting members included “options” including “a complete ban on private cryptocurrencies, a partial ban, allowing all categories of crypto products with regulation or just a select few with regulation.”
While the Finance Ministry appears happy with an existing draft bill, opinion seems to be split in the cabinet, as the same “person” said that “sections within the government felt more detailed discussions were needed on the principles underlying the bill and on the broad details of the treatment of virtual currencies by India.”
Most worrying of all, though, for Indian crypto advocates will be the fact that the “person” added that the “PM [Modi] will now take a final call” on the matter. Modi last month made his feelings on crypto crystal-clear, accusing tokens of “spoiling” the world’s “youth.”
