India could be making a U-turn on its directives for cryptocurrencies. Per reports from the New India Express, a second interdisciplinary committee set up by the Indian government is considering making cryptocurrencies legal in the country again but with more stringent rules.
This revelation comes just a few months after a government panel suggested the creation of a new regulatory framework within the Reserve Bank of India (RBI) that bans digital assets and declares crypto transactions illegal in India.
According to an unnamed senior official who spoke with the New India Express, the committee had met twice, but deliberations were still ongoing.
Japan’s amended Fund Settlement Law and the amended Payment Services Act which went into effect in April last year regulate the country’s crypto industry. The former defines “virtual currencies,” which include cryptocurrencies, as a means of payment and 
