India changes its attitude to cryptocurrencies and the authorities are planning to introduce a new regulatory regime.
The head of that government committee and the secretary of the Department of Economic Affairs Subash Chandra Garg, told reporters this week that has almost completed the development of the legal framework for the cryptosphere. The authorities can approve draft regulations for digital assets in July. In an interview with the news channel ET Now Garg said that the relevant bill has already been prepared.
“We are fairly close to developing a template [for crypto regulations] that we think is in the best interests of the country. We have prepared a draft which we intend to discuss with the committee members in the first week of July,” he said.
On April 5, the Reserve Bank of India (RBI) virtually banned cryptocurrencies by barring regulated entities from providing services to any individual or business dealing in digital currencies. The Supreme Court of India decided to consider petitions to challenge the RBI’s ban and the hearing is scheduled for July 3.
RBI representatives recently acknowledged that the ban was initiated without prior thorough market research with ban to enter into force on July 5. According to local journalists, the government of the country does not support the decision of the RBI, since it was adopted without any research by the industry.
By Ekaterina Ulyanova