Indian To Clarify Its Stance on Cryptocurrencies in December

Indian To Clarify Its Stance on Cryptocurrencies in December

Cryptocurrency News
November 20, 2018 by Sandra Onyeiwu
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The Indian government is set to lay out a draft of its regulations for cryptocurrencies next month to clarify its stance on how digital assets can be used and traded in the country. According to QZ, the government has filed a counter-affidavit in a case filed by the cryptocurrency exchanges. The panel has been entrusted with
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The Indian government is set to lay out a draft of its regulations for cryptocurrencies next month to clarify its stance on how digital assets can be used and traded in the country.

According to QZ, the government has filed a counter-affidavit in a case filed by the cryptocurrency exchanges. The panel has been entrusted with the task of creating draft norms for digital coins.

An excerpt from the government’s counter-affidavit reads:

Serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.

Subhash Chandra Garg, who is a civil servant and economic affairs department secretary, is heading the panel. The affidavit suggested that the upcoming weeks will be crucial since the committee would discuss the issue further. The panel is also looking into the aspect of using blockchain technology in the financial system apart from guidelines for the virtual asset.

Subhash had previously stated that regulations will be implemented by March 2019. With the panel’s meetings slated to take place over this December and January 2019, it remains to be seen if the body can stick to that deadline.

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