India to release crypto regulations draft before the year ends

21 Nov, 2018
by Fifi Arisandi
News
India to release crypto regulations draft before the year ends

Cryptocurrency's future in India may become clearer when the regulations draft is released next month. 

After a long phase of denial and rejection, the Indian government is reported to release a draft of cryptocurrency regulation before the year ends.

According to the The Next Web, the draft will clarify how the government perceives digital currency and how it should be used or traded in the country.

The team who creates the draft is actually established by the finance ministry since a year ago and expected to be able to form a draft report and bill on “virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India”.

The head of the drafting panel, Subhash Chandra Garg stated earlier that the new regulations will be enforced starting May 2019. Whether or not the panel will manage to achieve the deadline, it’s still subject to the meetings that will take place in December and January 2019.

Read more:

Indian gov. deciding on whether to completely ban the use of cryptocurrencies

The future of Indian crypto is still up in the air: NASSCOM clarifies position

India may make the holding of unregulated crypto assets a punishable offense

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