The head of the Indian government committee recently tasked to propose a new regulatory framework for the cryptocurrency sector. The committee is close to finalizing a draft this July, which is three months after the country’s central bank (the Reserve Bank of India) introduced a banking freeze on the cryptocurrency sector in order to impact the trading volumes, exchanges, and investors.
Everyone is hoping for recognition and legalization of the industry. Earlier this month, the Indian government committee responsible for overseeing and proposing a regulatory framework was not in favor of a blanket ban on this sector.
However, the head of the government and the secretary of the Department of Economic Affairs Subash Chandra Garg recently confirmed that the authority is in the final stages of finalizing the regulatory draft framework for the crypto sector.
According to Chandra Garg:
`We are fairly close to developing a template [for crypto regulations] that we think is in the best interests of the country. We have prepared a draft which we intend to discuss with the committee members in the first week of July.
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The inter-governmental committee which was first established in 2017 was expected to bring clarity to the cryptocurrency case in the country. However, there hasn’t been anything but government ministries, the central bank, domestic banks and even India’s finance minister weighing in with different statements on cryptocurrencies.
However, Chandra Gang is confident about progress on this field in the future, saying:
“We’ve actually moved quite a lot [in drafting regulations] in that, what part of the [crypto] business should be banned, what should be preserved and what not. That kind of detailed work has happened. Now should be in a position to wrap this up in the first fortnight of July.”
The court hearing is scheduled to take place two days before the RBI’s order comes into effect – on July 5th.
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