Indian Cryptocurrency Regulatory Draft Is Almost Ready!
Economic Affairs Secretary Mr. Subhash Chandra Garg who also heads the Inter-disciplinary committee in a talk with ET Now has confirmed that the Indian cryptocurrency template is almost ready.
The Inter-disciplinary committee is set to discuss this draft in the 1st week of July and is likely to wrap this up by mid-July. This certainly could have some implications on the upcoming hearing in the Supreme Court of India on 3rd and 20th July respectively.
Check out the clip for yourselves. The part relevant to us begins at 26 minutes into the video.
At the moment I'm trying to find out more about this from other vested parties in the Indian cryptocurrency ecosystem to learn more about their opinions on what Mr. Subhash has stated in the video.
It's not very clear where the government stands on this issue but I'm hopeful that the draft will clear crypto-trading and make it fully legal in the days to come.
Stay tuned for more updates as the situation unfolds.
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I can hope they make it legal. Fingers crossed:)
yup, fingers crossed
All the capitalism and the tax are the issues by obtained the legality of crypto trading investment. Hope government will allow it and have own crypto policy base on government regulations and data security among all the traders in digital assets
it's great step.if indian will regulate bitckoin and other crytocurrency.it would be beneficial to economy
I don't think government would make it legal, as they previously said that crypto's backed by real assets will only be allowed to trade.
Legal tender it won't be anytime soon. Trading isn't banned event today, so govt may legalize trading activity and regulate it completely is my hope. let's see.
@firepower i think indian governmenet will consider crypto as asset only not as legal tender. Some scalability based project like ziliqua, quarkchain, holochain if launch their platform successfully then cryptocurrency become legal tender worldwide. Atlast india also have to accept cryptocurrency as legal tender.
how much time it take to be legal tender in india?
hey man,
hearing this i think that we don't need to worry about any ban in banking services which many think will happen.
thanks for this great news mate
also if banking services ban withdrawal can be made with help of localbitcoin.
The plot thickens. The next few days will hopefully give us more.
Wow,its very uncertain whether they ban or regulate,if they follow the proposal of income tax department whose intention is to ban bitcoin ,it will be bad news for us .But from the discussion it is not clear that which department will be ban and which department be regulated.until then ,the exictment will be live with me too.
@maya7 Indian government is positive for crypto and blockchain technology but RBI is afraid that it can be replace banking system.Also if cryptocurrency become legal tender in india then there will be no chance of corruption hence all corrupt people and departments are afraid.
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Mr. Subhash Chandra replied very tactfully in this issue, neither he said for its complete ban nor legalization.It is not clear in his statement about the fate of bitcoin.
Indeed! Good observation.
There are possibilities that make it legal? in my country it is practically illegal to handle crypto, although we always find some doors open, but access to certain platforms prevents us from being free, so it would be great to make it legal in your country! I hope you are lucky!