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Indian Regulators May Soon Compromise On Virtual Currency




Indian regulators from the newly formed virtual currency committee will meet to discuss the fate of virtual currencies within the week.

Ever since their initial influence on the Indian market was publicized in December 2013, virtual currencies have been a hot topic of persistent debate within the country. As a result, Indian regulators have struggled to come to a resolution about the technology. This has led to repeated denouncements of virtual currency use by the Reserve Bank of India (RBI), but it finally appears that Indian regulators are getting closer to reaching a crypto compromise.

According to news publication DNA India, key members of the fledgling virtual currency committee will hold a meeting within the week to discuss the future of its regulation. In attendance will be a number of prominent figures from the committee, including vice chairman of Niti Aayog Arvind Panagariya, RBI governor Urjit Patel, Indian Securities Exchange Board chairman Ajay Tyagi, and others. The publication reports that the meeting, which was originally scheduled for Monday, will revolve around various topics regarding virtual currency use within the country, such as consumer protection and money laundering. 

The meeting follows the announcement of a consensus issued by the Indian Ministry of Finance that sought opinions from the public concerning the future of virtual currencies on the citizen engagement platform MyGov. The panel was open for discussion until May 31, 2017.

ETHNews will continue to provide coverage on this story as it further develops.

Dan Cummings

Dan is a Los Angeles-based musician, writer, and veteran passionate about science and technology, current events, human rights, economic impacts, and strategic calculus.

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