According to a report, the Indian government could declare its position on the legality of bitcoin, the world’s most prominent cryptocurrency, in the country on April 20.
A report by regional investor publication MoneyControl has cited a government official aware of developments from an ‘inter-ministerial committee’ recently installed by the Indian Parliament to study the legality of the popular cryptocurrency. According to the source, the committee is tasked with giving its response on April 20.
The report adds that a final decision about bitcoin’s legality is unlikely to materialize during a meeting of the sub-committee on April 20.
Quotes attributed to the unnamed official by the publication reads:
There will be more discussions; a verdict will be declared soon on the legality of the cryptocurrency in India.
As it stands, bitcoin buying, selling, trading or mining is not illegal by any law in India.
Tellingly, the publication’s source also adds that any decision that ruled the cryptocurrency to be illegal in India would mean that India’s nascent but growing bitcoin industry will have to shut down.
Talk of bitcoin was