Indian Government Finalizes Crypto Regulations
January 28, 2019 12:53 pm
The Indian Government has recently confirmed the report that contains a regulatory framework for cryptocurrencies by an inter-ministerial committee.
The Indian government has been working on crypto regulation from a long time. Mr. Subhash Chandra Garg, Secretary of the Department of Economic Affairs, lead the Inter-Ministerial Committee (IMC) and developed the country’s crypto regulatory framework.
Local reports recently said that this file is in the “finalization stage.” The document filed a Right to Information (RTI) request with the Department of Economic Affairs on Dec. 13 asking three questions. These questions include whether the panel has submitted its report to the Ministry of Finance and if the panel has suggested a ban on bitcoin.
Moreover, the publication asked, “we would like to receive a copy of the report. Can we?.” The Indian government replied to the RTI saying:
“The report of the committee is under finalization stage, hence, prohibited under section 8(3) of the RTI Act, 2005.”
According to the reports, section 8 of the RTI act allows an entity to withhold the data in certain circumstances.
India’s Ministry of Finance said to Lok Sabha that in December 2018 the commission was asked to study all phases of digital currencies and crypto-assets including bitcoin. It also added that the committee is developing a framework for regulating cryptocurrencies.
In November the panel said it was focusing on the preparation on a draft report and bill on digital currencies. Meantime, meetings were announced to be held in January.
The Supreme Court of India established a deadline of two weeks for the Indian government to clarify its position on digital currencies back in October 2018.