Indian Government To Regulate Cryptocurrencies
November 21, 2018 12:00 pm
The Indian government is finally planning regulations on cryptocurrencies such as Bitcoin, Ethereum by next month. The government recently published a document explaining the plans to regulate digital currencies.
According to the reports, the regulatory body will be issuing new rules on cryptocurrencies under the guidance of Prime Minister Mr. Narendra Modi. The report also claims that the government will be providing some clarity on digital currencies by the next two months.
Mr. Subhash Chandra Garg, secretary, the department of economic affairs, will be leading the regulation committee. Recently, there have been rumors that the Indian government is planning to issue its own cryptocurrency, but none of the officials have confirmed the plan.
As of now, the panel is focusing on the preparation on a draft report and bill on digital currencies. The next meeting will be held in December and in January. Once the meetings take place, the document will be circulated to the members of the inter-ministerial committee (IMC).
The report says:
“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).”
According to the report, the next meeting of IMC will be held so that discussion can take place on the draft report and the bill. The draft is expected to be placed before the IMC by next month.
In October, the Supreme Court of India has established a deadline of two weeks for the Indian government to clarify its position on digital currencies.