A formal draft regulation Indian cryptocurrencies ready

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After more than a year of analysis and discussion of a report that recommended a regulatory framework for cryptocurrencies in India, is now ready for submission to the Finance Minister, local media reported. The new Minister of Finance, former Secretary, Department of economic Affairs (DEA) Subhash Chandra Garg reportedly confirmed these data, saying that the report is ready and soon will be reviewed and published.

Crypto regulation in India “ready” since last year

Garg led the interdepartmental Committee established to examine all aspects of cryptocurrency and drafting of the regulation scriptaction in the country. The Committee includes representatives of many ministries and draft regulations were to be ready in July of last year.

Even then, Garg said about the almost complete willingness of the project, but clearly identify a specific time frame for its adoption refused, citing the need to work “with due care”. Subsequently, at the request of the Supreme court in February this year, the government announced that a report containing recommendations for scriptrepository India, is in the final stages of discussion.

Last month The Financial Times wrote that the bill was sent to the relevant government departments to discuss, citing an unnamed government official, claiming that he knows the details of the bill. In the news at the time, it was noted that based on reviews, “will be suggested the final act of the next government, which will assume responsibility after the election in late may”.

The draft regulation Indian cryptocurrency has a chance to appear this year

The famous budget speech of former Finance Minister Jaitly about cryptocurrency in February last year was widely quoted when he said that “the government does not recognize bitcoin as legal tender or coins”. But this does not mean that cryptocurrency in the country outlawed, as it could suggest some.

On Friday, modi has appointed Nirmal, Seetharaman, which until may 30, held the post of defense Minister, the new Minister of Finance and corporate Affairs. She is the first female Finance Minister of India.

As noted by the representatives of the local cryptobytes adequate regulatory crypto-policies in India will help bring funds into the budget and provide jobs for millions of Indians, but this requires positive steps from the government.

Currently, the community expects an official statement from the government as well as meetings of the Supreme court, which is scheduled for July 23. It is planned that the court will consider two issues associated with cryptocurrencies: the regulatory framework recommended by the Committee of Garga, and the banking restrictions imposed by the Central Bank.

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