India Edges Closer to Bitcoin Legalization

FinTech, Investing, News, Regulation | May 30, 2017 By:

India’s Corporate Affairs Ministry has been asked to start monitoring firms that accept bitcoin. The move could be a prelude to regulation and taxation of the cryptocurrency.

The government has lately softened its position on bitcoin, but the country’s politicians are still divided on its possible legalization.  A report by The Economic Times, India’s biggest financial news daily, claimed that politicians from all corners of the government have raised concerns with the Parliamentary Standing Committee on Finance.

Previously, the Indian Finance Ministry instituted a committee on digitial currencies and invited public comment. The deadline for suggestions closes tomorrow, May 31.