Indian Government To Regulate Cryptocurrency By End Of 2018
August 14, 2018 11:41 am
Indian government to regulate cryptocurrencies by the end of this year. The finance ministry panel is still estimating how to manage blockchain and cryptocurrency separately. However, the government and Reserve Bank of India (RBI) had announced their plans to adopt blockchain technology.
A senior government official said the Committee which was under Subhash Chandra Garg, secretary in the department of economic affairs, recommended regulations on cryptocurrencies. The proposal was expected to be submitted by July.
The official said that there were so many issues which require understanding and lots of studies should also be done.
The official included:
“Blockchain is an interesting thing. We definitely want to milk it effectively for financial transactions. So all officials are really trying hard to understand how to separately use blockchain, without cryptocurrency and understanding a new software takes time.”
Meantime, legislators of India’s digital currency community have approached the government to help them understand the subject better.
Ajeet Khurana, former head of the Blockchain and Cryptocurrency Committee said:
“In fact, we had one meeting specifically on this topic. A public blockchain needs to have a token, and you can’t have it by excluding cryptocurrencies. Moreover, a public blockchain is analogs to the internet, and no one can control it.”