Last March, India proposed a law banning cryptocurrencies, imposing fines on anyone trading crypto in India and even imposing fines on those holding cryptocurrencies.
This range of laws is one of the most stringent laws introduced to cryptocurrencies. Everyone involved with cryptocurrencies in terms of owning, issuing, mining, trading and transferring crypto assets will be penalized.
Then in the following month, the kingdom gives a period of three to six months to issue crypto assets. However, over time, with crypto FUDs coming crashing down in May, India has taken a more gentle approach to crypto.
Some analysts argue that the contribution of Vitalik Buterin, who donated as much as $1 billion in Shiba inu crypto as a Covid-19 relief fund to Relief Fund India, as well as several other NGOs, was the main factor in changing India's view.
Following the steps taken by Vitalik, India began to be soft on crypto. A recent report by The New Indian Express on Thursday stated that the kingdom is beginning to reorganize the foundations for a more unified cryptocurrency.
According to inside sources, the kingdom has dropped the initial draft Bitcoin ban. At the same time, the source also announced that parliament will discuss a comprehensive crypto regulatory framework when it starts this July.
Ketan Surana who is a member of the Internet and Mobile Association of India stated that this new power agency is seen as more convincing and optimistic in controlling crypto regulations and laws.
However, Reserve Bank of India is still a staunch critic of crypto and once stressed that their views on crypto have not changed.
