However, things have dramatically changed over the past 12 months and it seems like the finance ministry has given up on the idea of banning cryptocurrencies.
While that may be a far-fetched reality, the report suggests that the government is looking to find a middle path which ‘balances the concerns of all stakeholders’.
The government believes that Indian investors have put large volumes of investments in cryptocurrencies to outrightly ban them.
The government is now planning to draft a Crypto Bill which would execute effectively, in parallel with the technological developments in the digital space.
If the bill is tabled and eventually passed in the Parliament, it will classify Bitcoin and other cryptocurrencies as digital assets and not a legal tender.
As of now, anyone with a working smartphone or laptop and internet connection can create a new cryptocurrency and start selling it.