The new Indian regulatory framework for cryptocurrencies is likely to be presented in the first half of July, according to a recent statement by Subhash Chandra Garg, Secretary of the Department of Economic Affairs at the Ministry of Finance.
Right about three months after the Reserve Bank of India froze the cryptocurrency dealings to its authorized banks, the cryptocurrency in India had an adverse effect on trading volumes, exchanges and investors all that through remained hopeful of legislation that regulates, in effect recognizes and legalizes instead of banning the cryptocurrency sector altogether.
A draft has been put together and will be discussed in the first week of next month, the official said in an interview with the news channel ET Now. Garg, who is heading the committee tasked to determine the future of Bitcoin in India, explained:
“We are fairly close to developing a kind of template which we think might be in the best interest of our country. We have prepared a draft which we intend to discuss with the committee members in the first week of July.”
Garg also highlighted that fact that the committee has been working hard on “what part of business should be banned, what should be preserved, and what not. He said,
“We’ve actually moved quite a lot [in drafting regulations] in that, what part of the [crypto] business should be banned, what should be preserved and what not. That kind of detailed work has happened. Now should be in a position to wrap this up in the first fortnight of July.”
Indian authorities have been sending mixed signals about the future of cryptocurrencies, along with issuing warnings and applying restrictive administrative measures. In his budget speech in February, Finance Minister Arun Jaitley reiterated the official position that cryptocurrencies are not recognized as legal tender and said the government will crack down on their use for illegal activities.
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