The Indian government will most likely be ready by draft cryptocurrency regulations by December 2018. According to news reports, the finance ministry panel in-charge of formulating a policy for cryptocurrencies has come up with a regulatory framework on cryptocurrencies and may present the draft regulation and bill in front of an Inter-Ministerial Committee next month. This was revealed in a counter-affidavit filed by the government in the Supreme Court. The next two meetings of the Garg Committee will be held in December 2018 and January 2019 where the committee will discuss about the draft bill on cryptocurrencies in more detail. While the bill may take some time to be passed, the draft framework will at least indicate the direction the government wants to take with cryptocurrencies. Considering the government approach, it is likely that the government may bring it under a regulatory framework instead of banning it outright. This may sound like music to the ears of Indian investors who have been waiting for more clarity from the government on the matter. Let’s hope the government takes a progressive stand towards cryptocurrencies in India!
References:
At last, India’s ready to clarify its stance on cryptocurrencies: https://qz.com/india/1468426/india-may-soon-decide-how-to-deal-with-bitcoin-cryptocurrencies/
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