The fight between crypto-enthusiasts and According to a recent statement by a high-ranking official, the long-awaited regulations are on the way. A draft framework has been prepared, and authorities in Delhi hope to “wrap this up” as early as the first half of next month. Meanwhile, the Supreme Court has agreed to review a petition against the RBI ban earlier than expected, resetting the hearing for July 3.
The Story Of Crypto In India So Far
In the last couple of years, not only individuals but even major organizations have started accepting payments in the form of Cryptocurrency. This led to a huge investment and mining boom with respect to bitcoins.
Finance Minister Arun Jaitley announced in February 2018 that the use of bitcoins will no longer be tolerated and they intend to get rid of the decentralized currency from the country. the finance department of the country is not ready to accept this currency and RBI being the head and control of banking in India has also warned people about the usage of cryptocurrency and its risks involved.
In the past few weeks, local exchanges have been preparing for the ban by terminating fiat deposits and withdrawals while launching and expanding crypto-to-crypto trading. Also, earlier this month, an RTI application revealed that the central bank had neither conducted any research nor consulted opinions from experts or the Government before enforcing the arbitrary banking ban on the cryptocurrency sector.
The Government of India, however, had never been clear about this and the discussions persisted on cryptocurrency forums among traders and investors regarding the future of Cryptocurrency. It all seems to change in the near future.
Committee To Decide The Fate Of Cryptos In India
The new Indian regulatory framework for cryptocurrencies is likely to be presented in the first half of July, according to a recent statement by Subhash Chandra Garg, Secretary of the Department of Economic Affairs at the Ministry of Finance.
Mr. Garg said the Indian government “does not read this [cryptocurrency] as currency” and would not allow its use in the country’s payment system. This, he explained, means the executive power “would do something to eliminate” the illegal use of “crypto assets.”
Nevertheless, he recognized that some people may still find value in cryptocurrencies and that would require introducing certain regulations so that crypto transactions are legal and transparent.
We may finally get some answers on the future of Cryptocurrency in India. Mr. Garg further stressed the point that a lot of detailed work has been done regarding this and the final decision is expected to come out in the 2nd week of July. There are also voices within the Government that believe Cryptocurrency could be a reality.
The next 3 weeks, before the committee hearing is going to be a turbulent one for the Indian crypto market. Considering the size of the Indian market, the decision will not only affect the crypto-ecosystem in India but all over the globe.