Bitcoin “will not become legal” in India unless a suitable organization “monitors” it, a high-profile economist has forecast.
Speaking to local news outlet Economic Times, SP Sharma chief economist at the PHD Chamber of Commerce and Industry in Delhi, said that Bitcoin’s gray area status in the eyes of regulators was unlikely to change without a shift in practices.
“It’s fair to say that currently, the cryptocurrency is neither illegal nor legal in India,” he told the publication.
“Unless the cryptocurrency is properly and comprehensively regulated and monitored by a robust institution, I don’t see Bitcoin becoming a legal currency in India.”
Source
Speaking to local news outlet Economic Times, SP Sharma chief economist at the PHD Chamber of Commerce and Industry in Delhi, said that Bitcoin’s gray area status in the eyes of regulators was unlikely to change without a shift in practices.
“It’s fair to say that currently, the cryptocurrency is neither illegal nor legal in India,” he told the publication.
“Unless the cryptocurrency is properly and comprehensively regulated and monitored by a robust institution, I don’t see Bitcoin becoming a legal currency in India.”
Source
