India appears to be taking a progressive stance on Bitcoin (BTC), especially given the fact that the country is attempting to attain a uniform viewpoint on the categorization and legality of this new asset class.

Among a slew of cabinet meetings, industry debriefings and mounting banking issues, the state's prime government minister has grown increasingly vocal about cryptocurrencies.

At the Sydney Dialogue, Prime Government minister Narendra Modi called for autonomous countries to work together to go the most out of cryptocurrencies and blockchain technology. He also stated that they should not exist used for unethical purposes.

On Mon, Modi spoke about cryptocurrencies in the context of money laundering and terror financing at a loftier-level meeting. The overall temper effectually the meeting suggested that strong regulatory measures were on the way, albeit of a forward-looking and progressive nature.

The Indian government has previously taken steps to establish a robust regulatory infrastructure for the fast-growing sector. Information technology has had numerous high-level discussions, including one held with the Reserve Bank of India (RBI), Finance Ministry, and Home Ministry building, too as crypto experts and important industry participants from within and outside of India.

Despite the objective viewpoint offered by some government ministers, RBI Governor Shaktikanta Das is still unconvinced. On Tuesday, the executive restated his stance that allowing crypto trading might jeopardize any financial system since it is not overseen by fundamental banks.

Related: India'southward height payment house Paytm reportedly considers Bitcoin services

Despite the rise in popularity of cryptocurrencies in India, lawmakers are still divided over the demand for a comprehensive regulatory system. A Bitcoin nib is expected to be presented before the Indian legislature during the next session. Many people are hoping that this will provide investors and organizations some peace of mind.

As reported by Cointelegraph, India plans to lower the Goods and Services Taxes on cryptocurrency exchanges from xviii% to one% through regulatory reclassification. Also, Peru's central bank president recently stated that his country will join forces with Republic of india and two other nations to create its own central bank digital currency, fifty-fifty though crypto regulation is however hazy in Republic of india.