Report: Indian Authorities Finalizing Crypto Regulatory Framework

Report: Indian Government Finalizing Crypto Regulatory Framework

Images courtesy of Shutterstock and Subhash Chandra Garg.
What would you believe the Indian authorities committee may advocate for crypto regulation?

Just what the Long-Awaited Report Should Include

Legislation

The report of this committee is currently under finalization stage, thus, banned under part 8(3) of RTI Act, 2005.

Published at Mon, 28 Jan 2019 03:30:17 +0000

On Friday, local news outlet Coin Crunch India composed this record is at the “finalization stage. The first inquires if the panel has submitted its report to the Ministry of Finance. When the panel has recommended a ban on bitcoin, the second asks. Lastly, point-blank was asked by the publication. Can we? ”

The Indian authorities finally responded with just a brief statement to this RTI on Friday:

The Ministry of Finance has provided some clarification about the work s committee to Lok Sabha. “In lack of an internationally acceptable solution and the necessity to invent [a] feasible solution, the department is currently pursuing the issue with due care,” the ministry clarified. “It is difficult to say a particular timeline to think of recommendations. ”
The Indian government has apparently confirmed the report comprising a regulatory frame for cryptocurrencies by an inter-ministerial committee is being finalized. This confirmation is to a Right to Information filing by a local news outlet in reaction.
The news socket declared that “Section 8 of this RTI act makes it possible for an entity to withhold the data in certain circumstances. ”
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Garg said his committee’s draft report will be ready in July this past year. However, it had allegedly been postponed. Back in November, Quartz India composed this draft report has been expected to be placed before the IMC by December and circulated to IMC members in December and January.

India’s Ministry of Finance explained to Lok Sabha, the country’s lower house of parliament, in December last year the committee’s task is “to study all elements of cryptocurrencies and crypto-assets such as bitcoin,” adding that “The committee … is operating to develop a framework for regulating cryptocurrencies. ”

Conflicting News of all Indian Crypto Regulation

The Indian government has been operating on crypto regulation for some time. The Inter-Ministerial Committee (IMC) led by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, is tasked with growing the country’s crypto regulatory frame.

There have been several conflicting reports about the recommendations by Garg’s committee.  Cnbc Tv18 reported in early December this past year, citing anonymous sources, the committee had advocated treating cryptocurrencies as prohibited.  By comparison, the New Indian Express published an article at precisely the identical month detailing which the committee had advocated legalizing cryptocurrencies “with strong riders. ”

Report at ‘Finalization Stage’