Presently, India is working on a crypto regulatory framework that is scheduled to take effect in 2024. The framework is based on a joint recommendation of both the International Monetary Fund and the Financial Stability Board.
India is likely to soften its stand on cryptocurrencies while giving them legal status but under strict regulatory measures.
After years of ambiguity, the Indian government might finally reveal a regulatory draft for the cryptocurrency sector in the country before the turn of the year.
The Reserve Bank of India has discreetly formed a new unit devoted to research future regulatory frameworks for blockchain, cryptocurrencies and other technologies.