The Indian government will be able to clarify the regulation of the crypto currency as early as next month with a new bill currently being drafted.
Is there soon clarity in India
Quartz reports that the country’s government will probably provide clarity on crypto currencies sometime in the next two months. The government body dealing with crypto, blockchain and ICOs will be led by Subhash Chandra Garg, a senior official who is currently secretary to the Ministry of Economy.
The committee is allegedly investing in the preparation of a draft report and a law on crypto currencies, which will be distributed to the members of the Interministerial Committee (IMA), after which further meetings will take place in December and January. The Communication reads as follows:
Serious efforts are currently being made to prepare the draft report and the draft law on virtual currencies, to use the technology of the distributed ledger in the (financial) system and the framework for the digital currency in India. The draft report and the draft law shall be communicated to the members of the IMC (Interministerial Mission). The next meeting of the IMC will then take place to discuss the draft report and the draft law. It is expected that the draft report will be submitted to the IMC by next month.
If the schedule is kept this time
In early October, India’s Supreme Court set the country’s government a formal deadline of two weeks to officially clarify its position on crypto currencies – a timeframe that will obviously be greatly delayed. The next two meetings, which the committee will hold from Garg, are supposed to serve to discuss the draft report and the law itself.
In the meantime, India’s Supreme Court is to hold a hearing on the case filed by crypto currency exchanges regarding the ban. A few weeks ago, the CEO of a crypto startup was arrested for exploiting a legal loophole to set up Bitcoin ATMs.