Bitcoin Regulation

India Ready to Unveil Cryptocurrency Law Next Month

Georgi Georgiev | Nov 20, 2018 | 08:00

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The government of India may provide clarity on cryptocurrency regulation as soon as next month with a new draft bill now in the works.

Clarity Soon

Citing a counter-affidavit issued by India’s Prime Minister Narendra Modi, Quartz reports that the country’s government is likely to provide some clarity on the matter of cryptocurrencies sometime in the next two months.

The governmental panel working on the issue is reportedly headed by Subhash Chandra Garg – a top civil servant who is currently the secretary in the department of economic affairs.

RBI Headquarters in Mumbai

Purportedly, the panel is spending efforts on the preparation on a draft report and bill on cryptocurrencies, which will be circulated to the members of the inter-ministerial committee (IMC), after which further meetings will be held in December and in January. The counter-affidavit reads:

[…]currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.  The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.

Nevermind Deadlines

Earlier in October, the Supreme Court of India set a formal deadline of two weeks for the country’s government to officially clarify its position on cryptocurrencies – a time frame which will obviously be delayed.

The next two meetings which Garg’s panel will be having are supposedly intended to deliberate the draft report and bill.

In the meantime, the Supreme Court of India is reportedly having a hearing today on the case filed by cryptocurrency exchanges with regard to the ban.

What do you think of India’s Government position on cryptocurrencies will be? Don’t hesitate to let us know in the comments below!

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