India considering ‘middle path’ on cryptocurrencies

New Delhi: India is considering a middle path on cryptocurrencies, as it finalises legislation on the virtual asset to be introduced in the upcoming winter session of Parliament.

The hardline stance for an outright ban of cryptos is not being found feasible in view of large investments in such instruments by Indians, and these unregulated virtual currencies are also unlikely to be allowed as a legal tender, said a government source. “A balance has to be found,” the person said, adding that a final call on the contours of the law will be taken shortly. “A middle path that balances the concerns of all stakeholders is more likely.”