Silence Breaks: India to Present Draft Bill on Crypto Next Month
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Indian authorities are ready to present a draft version of crypto regulation in the country. It will be published in December and discussed till January 2019. According to the publication in Quartz, the bill will be introduced by the commission, created a year ago by the Indian Ministry of Finance. The document will describe the plan on how the authorities propose to regulate the cryptocurrency turnover and use blockchain in the financial system.

Indian Сrypto-Exchanges Are Trying to Find a Consensus With RBI

This became known during the trial between the state and crypto companies, which consider it illegal to restrict their activities in the country.

“The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month,” – the counter affidavit prepared by the Indian government states.

Earlier, the head of the profile committee Subhash Chandra Garg stated that the requirements for regulating the crypto industry in India should be established by March 2019.

Is Total Crypto Ban India’s Future?

Last month it became known that dur­ing the 19th meet­ing of the Fi­nan­cial Sta­bil­ity and De­vel­op­ment Coun­cil (FSDC), hosted by the Min­is­ter of Fi­nance of India, Arun Jait­ley, it was proposed to simply ban cryp­tocur­rencies. Ac­cord­ing to a pub­li­ca­tion by the Min­istry of Fi­nance, the work­ing group "de­lib­er­ated on the is­sues and chal­lenges" as­so­ci­ated with cryp­tocur­rency.

The banks of India are not allowed to service accounts of companies whose activities are related to cryptocurrencies. This was the reason for the proceedings. There is no regulation in the country yet, however, the Central Bank of India refused to recognize digital assets as a means of payment.

Largest Indian Crypto Exchange – Zebpay Closes

In September, one of the most popular cryptocurrency exchanges Zebpay announced it would stop working in the country and opened a business in Malta and Singapore. Later on, in the mid­dle of Oc­to­ber, it be­came known that the plat­form moved its main of­fice to Malta. Now Zeb­pay, which got the reg­is­tra­tion under the name Aw­len­can plans to con­cen­trate on ser­vic­ing traders from EU coun­tries.

In July, Huobi launched a special p2p-service for traders from India, so that they would be able to trade virtual assets in pairs with rupees. P2p platforms are the only way for local traders to work with cryptocurrency. Cryptocurrency exchanges Koinex and Wazirx have previously begun to provide such services.

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