Cryptocurrency is making waves in the global currency market. And let us tell you, the craze is very much valid. Last month, Bitcoins made headlines for crossing the value of $2,000 per coin for the first time in history. Well now, the craze is catching on Indian government also.
The Department of Economic Affairs in the Ministry of Finance in India has formed an inter-disciplinary committee to examine the framework on virtual currencies. Though the board is expected to disclose its findings next month, according to a report by cointelegraph.com, "the Indian government committee has ruled in favour of regulating Bitcoin."
The committee comprised a group of leading officials from the Department of Economic Affairs, financial services, revenue (CBDT), the Ministry of Home Affairs, the Ministry of Electronics and Information Technology (MeitY), Reserve Bank of India, NITI Aayog, and even the State Bank of India.
Considering the increasing interest of Indian people in virtual currencies, it is highly possible that the Indian government may soon work out regulations for the adoption of virtual currencies. According to fresh data from Bitcoin trade analyst, Chris Burniske, the number of trades for India increased substantially and accounted for 10 percent of global cryptocurrency business in the previous month.
— Chris Burniske (@ARKblockchain) June 15, 2017
India has been ranked fourth on the Bitcoin cryptocurrency trading chart and consumers traded 16,754.76 coins the past month.
Though Bitcoin’s future in India looks promising, we will have to wait until next month to see if the rumor mills have any substance or not.