Despite the legal uncertainty, the Indian government is considering the use of crypto tokens for a limited range of financial transactions. It is reported by CCN.
In particular, over the appropriate regulatory framework is a local inter-Ministerial Committee (IMC). In particular, the possibility of using cryptotokens for payment of certain services of public and private sectors.
“The Committee is exploring the possibility of using cryptocurrency tokens as a replacement for smart cards, including oyster. Similarly, they can be used in the private sector, for example for loyalty programs”, the report says.
IMC was established in April last year. It is composed of representatives of local tax authorities, and the Department of economic Affairs, the Central Bank and other agencies. The structure was designed solely for research on the status of crypto-currencies abroad and within the country, to study international experience of regulation of digital assets, as well as measures to combat money laundering.
ForkLog previously reported that the government of India prepared a set of draft laws regulating kriptonyte.
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