Bitcoin in India has created a vast market platform. Being a decentralized currency it has achieved a vast growth and popularity in the Indian financial market. As per source revealed that there may be a chance for Indian government can regulate and legalize bitcoin as a mode of payment this summer.
According to the CNBC India, the Indian officials are considering each aspect of digital currency before giving any verdict. A Recent meeting held among committee official’s bitcoin was discussed regarding the usefulness and interest of the nation. The large volume of trading has been marked from India of the digital currency lately. The Money Control report says, the committee member confirmed that soon the decision will be disclosed on bitcoin legality by government officials.
The spokesperson of the committee said:
“There will be more discussions; a verdict will be declared soon on the legality of the cryptocurrency in India,” If the decision goes against the bitcoin, to ban in the country than all the bitcoin exchange (trading platforms) must stop their operations. -bitcoin.com
The government plans to tax bitcoin after acceptance
The government officials have the diverse opinion regarding the bitcoin. During the parliament session, few officials are seen in favor and other against the idea of legalizing virtual currency in India. The committee also discussed the possibilities to tax bitcoin, a report from sources.
It is expected that the verdict can come by the end of the May and after that, the future of virtual currency will be decided in the country.