The Indian government are seemingly still cautious about cryptocurrencies, admitting that no deadline has been set in terms of regulating the digital asset class.
Pon Radhakrishnan, the minister of state for finance, said that in the absence of a globally acceptable solution, the department is proceeding with “due caution”.
“In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations,” he told the Indian lower house on December 28th.
"Tweet Satyagraha" interesting namw and yes, every crypto trader in India is supporting this cause. Let's keep tweeting to our finance minister and prime minister every day. #IndiaWantsCrypto https://t.co/WJCGNKjjIG
— Nischal (WazirX) ⚡️ (@NischalShetty) January 2, 2019
The Reserve Bank of India (RBI) have reiterated the government’s concerns, putting the launch of their own digital currency on hold amid concerns of money laundering, according to reports.
“The government doesn’t want the digital currency any more. It thinks it is too early to even think about a digital currency,” a source told the Hindu Business Line.
Praveen Kumar, founder of cyrptocurrency exchange and blockchain start-up Belfrics, said: “It is premature for the RBI to launch crypto-rupee, as more understanding of the crypto economy needs to be achieved. It is a right decision to delay the process and see how the publicly traded peer-to-peer economy is shaping up.”
The caution from India comes after a woeful year for Bitcoin and cryptocurrencies, with Bitcoin falling from $20,000 to $3,150, while many altcoins suffered 95%+ declines.