Finance ministry of India has finally come up with their stand on cryptocurrency trade. The Indian government seems a step closer to unveil the final draft of the crypto trade regulations. After several speculations that are going on from months, it is claimed that the official draft will be unveiled by the beginning of 2019. Perhaps, the crypto enthusiasts in India will have some good news before bidding adieu 2018.
The latest reports reveal that the finance department of the ministry is undergoing evaluation on how to consider cryptocurrency and blockchain technology as a separate domain. The Indian government has been pretty encouraging for blockchain as they have already initiated many pilot projects powered by this technology in many states. But there has been nothing officially spoken about digital currency.
Finance ministry of India was ordered to set up a panel in December 2017 for suggesting cryptocurrency regulations. This panel is supervised by the secretary in the department of economic affairs, Subhash Chandra Garg. This final draft report was to be submitted in July this year but it kept on postponing months after months.
One of the senior officials requesting anonymity stated that there are several issues that need to be considered and understood before pinpointing any major change. He further explained that the there is a huge inclination of everyone towards blockchain and hence the team is trying to understand its usage sans virtual currency, as mentioned by Quartz India.
Who Will Win The Battle Cryptocurrency Or Blockchain Technology In India?
According to Quartz India, the Modi government has already imposed a ban on crypto trade earlier this year which has completely choked this business vertical. Many crypto experts believe that the longer the ban is there it will result in more loss for investors and enthusiasts in this domain.
Finance ministry of India seems to fetch a balance between the blockchain technology and cryptocurrency. But the agencies are being repellent towards crypto trade which might affect the final outcome.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]