India Explores Crypto Tokens for Financial Transactions by Cryptovest

The Indian government is contemplating regulations that would allow the usage of crypto tokens for financial transactions, although a current ban on cryptocurrencies is expected to remain in place for the time being, according to a local news report.

The finance ministry has established a committee led by the secretary of the Department of Economic Affairs (DEA). This newly formed group is reportedly in the process of developing a set of regulations and a roadmap outlining how certain crypto assets could be utilized in India. Once drafted, these proposals will be submitted to parliament for further consideration.

The committee is examining the potential for employing cryptocurrencies or blockchain technology for financial transactions and other related applications.