India’s Government Is Keen To Provide Crypto Clarity As New Blockchain-Based Laws Expected Soon
As you may have heard, the situation for cryptocurrencies in India is very bleak. Not only the country is facing the same harsh bear market as the rest of the world, but the government is also certainly against cryptos. Now, the local media outlet Quartz has informed that India’s Prime Minister Narendra Modi is likely to provide some clarity on what will happen to cryptos in the country soon.
The government is currently deciding on what to do with a governmental panel headed by Subhash Chandra Garg, a top civil servant which works as the secretary of the department of economic affairs of India. The panel is making an effort to prepare a draft bill for cryptos which will circulate among the government and the ministry. Meetings are expected to be held between December and January.
Reports from Quartz affirm that the government is going through serious efforts to prepare the draft bill and to regulate how the distributed ledger technology (blockchain) can be used in China. After the discussions, the report will be open to the public and voted. It is expected that this will be sorted until 2019 begins.
India’s Government Is Not In A Hurry
It is quite clear that the government is not hurrying to decide, instead it takes its time and, we hope, will make the right decision for the well being of cryptos. Early in October, the Supreme Court of India sent a deadline of two weeks for the government to clarify its position over cryptos, however, the government simply ignored it.
While it does not look like the issue will last months and months, the panel is surely deliberating and will hardly feel pressured since they have already ignored a deadline set by the highest justice court in the country.
The Supreme Court, on the other hand, is already having a hearing today, November 20, on the issue of the so-called crypto ban in the country.
The “Crypto Ban”
To understand the situation in India, it is important to remember what was known as the crypto ban. Basically, India decided to ban any banks from working with crypto exchanges. This has caused many exchanges in the country to not be able to offer INR fiat trading for their customers anymore and many companies went bankrupt.
This has marked the beginning of a very hard relationship between the government of India and crypto exchanges and things have only been worse lately. This is the main reason why people believe that the Indian government might be planning a more strict crypto ban.