India May See Crypto Draft Regulations Next Month

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India may be one step closer to finally coming up with a clear policy on cryptocurrencies. According to the Quartz India website, the draft regulations may be ready as soon as next month.

The regulations are worked on by a panel set up by the ministry of finance in November 2017. Yesterday, the government has issued a counter-affidavit filed in the Supreme Court of India on 19th November.

The court is currently hearing a case filed by multiple cryptocurrency exchanges against the Reserve Bank of India, accusing it of “choking the ecosystem”.

The document explains that the finance ministry panel, headed by Subhash Chandra Garg, will be ready to present the first version of the draft report in December.

“…currently, 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.  The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.”

 

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