A televised news report from CNBC India on 20th April reveals that the Indian government is leaning toward granting legality to bitcoin and virtual currencies in the country amid regulations and taxes to be levied on adopters.
Last week, the Indian government established an inter-disciplinary committee to examine the framework for virtual currencies in the country. The committee was installed by the Ministry of Finance, the country’s financial regulator, citing ‘concern’ with the growing adoption of cryptocurrencies in India.
According to today’s CNBC report, that committee has heard discussions about the legality of bitcoin and virtual currencies in India. The report also suggests that the committee is veering toward granting bitcoin a legal status in India by regulating the cryptocurrency.