The Indian government is already working on the cryptocurrency regulation draft despite the ban. It was expected to come out by the end of July but the recent update reveals that it has been delayed till September. The information reported by a senior government official from the Ministry of Finance clearly states that there is still time for the outline draft to be announced in public.
The agencies are in contact with the consultants, banks authorities, and the stakeholders. The most important part of this draft is that it is completely independent of the current hearing of the petition filed against the ban in the Supreme Court. The issue of cryptocurrency ban is completely different and is being handled at a different level.
The framework of the cryptocurrency draft is already completed and will be out for public review and implementation in September. In the earlier official statement by Economic Affairs Secretary, Subhash Garg, it was mentioned that the draft law is likely to get ready by the middle of July.
According to Bitcoin News, it is stated that the draft is complete and is under consultation with the stakeholder. It includes bodies like the Reserve Bank of India, Internet and Mobile Association of India and, the Securities and Exchange Board of India. In addition to this, these financial institutions have expressed some kind of reservations in terms of clauses for the first draft. The finance ministry constituted a committee for examining and preparing the cryptocurrency draft under the chairmanship of Subhash Garg.
How Is Cryptocurrency Regulated?
This is a completely new form of currency which has been accepted by many countries. However, it is important to consider all the security concerns and major features of the digital currency before introducing them legally in the Indian market said one of the government officials. There are serious reservations against the same but all the participants of the committee have an aim to reach a common conclusion. This brings a hope for all the crypto enthusiasts for a fair trade practice.
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