Indian Govt Panel Submits Advice For Crypto Regulation
December 11, 2018 11:14 am
The Indian government recently appointed a panel to suggest digital currency measures for creating the new legal framework. The panel has recently submitted its recommendations to the government. The document has not been made public yet, but still there a lot of speculations taking place by experts about what it would be.
Recently few reports said that to stop the speculation on cryptocurrencies, the Indian government has set up a panel. This panel may build a legal framework for the regulation of digital currencies in the country.
Subhash Chandra Garg, the Secretary of Economic Affairs, is leading the panel. In November, the Supreme Court of India filed a counter-affidavit saying that the panel will deliberate on the draft about crypto coins by December.
One of the sources said:
“The panel suggested that an entirely new legal framework within the guidelines of the reserve bank of India should be implemented to ban cryptocurrencies. The law should clearly state that all cryptocurrency-related dealings are illegal.”
In September, the Reserve Bank of India (RBI) said that cryptocurrency is not valid as a currency. According to the central bank, cryptocurrencies fall short of being true currencies, and it did not accept digital currencies such as Bitcoin as a currency under the existing laws.
The central bank also stopped other banks in the country from working with cryptocurrency related firms. The bank said, “with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [cryptocurrencies].”