Speculation is rife about the Indian government considering implementation of cryptocurrencies in financial transactions in the country. The draft for crypto regulation in India is currently underway albeit massively delayed.
DNA reports that their sources have mentioned that the government is mulling using cryptocurrencies but once the regulation draft is tabled before the Indian parliament.
What caught my attention in DNA's post was this:
"The committee is examining if crypto tokens can be used to replace smart cards such as metro cards in the public sector to start with. Similarly, in the private sector, it can be used in loyalty programmes such as air miles where its use is limited to buying the next ticket and can't be converted into money," said a senior official in the ministry.
The committee set up by the finance ministry under the chairmanship of Department of Economic Affairs (DEA) secretary is studying the possibility of using various crypto assets, including crypto currency.
While the anonymous source doesn't prove anything at this point, but the fact is that the debates around this subject have raised these points in the past. Our protectionist government is taking it slow but I hope they will have solid legislation in place. One that is pro-modern technology and is liberal with cryptocurrency use-cases.
But for now I'm going to ask you to take this update with a pinch of salt as there's not enough clarity on this matter for it be considered a fact. Let's just wait and watch how things go on from here.
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