India Will Finalize Cryptocurrency Regulations in December
At last, the Indian government is about to finalize the draft on the cryptocurrency regulations set to be released in December, according to the report.
The announcement came right after a number of cryptocurrency exchanges fled the country following the cryptocurrency ban imposed by the government. As stated by the major trading platform Zebway, it was “no longer “reasonable” to continue operations as a crypto exchange in the country.
Indian Finance Ministry formed an inter-governmental committee aimed at drafting the regulations for the crypto industry back in 2017. Multiple government bodies have been added there, including tax, budget and economic ministries, as well as central bank representatives.
Subash Chandra Garg, the head of the committee and secretary of the Department of Economic Affairs, emphasized that even though the committee has repeatedly missed several prior established deadlines, they’ve “moved quite a lot” in drafting the regulations. According to the official statement from the government, the draft bill will not only include virtual currencies, but also the use of distributed ledger technology (DLT) in the financial system, as well as the establishment of the legal framework for the use of digital currency in India. Whether it will return all the crypto companies that left India in the aftermath of the ban remains to be seen.