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The Indian central bank (RBI) has currently, has put a blanket ban on cryptocurrencies. Back in last April, the Reserve Bank of India (RBI) instructed the all financial institutions in the territory to abstain from rendering services to cryptocurrency trading exchanges and other related companies. Well, such a pronouncement triggered a trend of demonstrations from crypto exchanges, that in turn led for a petition at the apex court.
Consequently, the jury at the Supreme Court of India has probed the regulatory matter.
By then, the cryptocurrency sentiments in emerging markets create an idea as to which cryptocurrency exchanges would trade which currency pairings. Ever since then India has also been legislating regulatory framework for the crypto-avenue that expected to be set in the last September but have been prolonged.
For now, the Government of India has confirmed that the report containing a regulatory framework for cryptocurrencies by an inter-ministerial committee (IMC) is in the finalization stage.
The committee has been meticulously probing cryptocurrencies in order to design a clear regulatory framework from the recent past. While the IMC headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, is entrusted for developing the country’s crypto regulatory framework.
It has already been reported that a senior Indian government official from a board created by Indian finance ministry admitted that there have been ideas of creating India’s own government-backed digital coin.
However, for now, the governmental committee backs and upholds the plans of making digital assets legal given that they are stringently regulated.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -128 levels (which is highly bearish), while hourly USD spot index was at -46 (bearish) while articulating (at 12:20 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
