[2018-08-14] - Reports: India’s Crypto Regulations Delayed, Government Considers

[Aleh777]

https://news.bitcoin.com/indias-crypto-regulations-delayed/

The Indian government previously planned to submit the proposal for crypto regulations in July. However, a senior official has revealed that the regulatory framework for cryptocurrencies in India has been delayed and will likely be ready by the year’s end. Meanwhile, the government is reportedly considering “launching crypto tokens for financial transactions.”

Indian Regulations Delayed

Reports: India's Crypto Regulations Delayed, Government Considers ‘Crypto Tokens’
Subhash Chandra Garg.

The Indian government has been working on cryptocurrency regulations. A panel was set up in December last year under Subhash Chandra Garg, secretary in the department of economic affairs, to propose crypto regulations in India. The proposal was supposed to be ready in July and the regulations unveiled in September.

However, Quartz reported on Sunday, August 12, that a senior government official familiar with the panel’s discussions indicated that “now that ‘looks difficult’.”

A green signal towards legalizing crypto in India?

[1715365509]

1715365509

[1715365509]

1715365509

[AltEvangelist]

The govt's stance is still so unclear. Pretty baffled at how crypto has been handled by the authorities so far. Now they are mulling crypto for metro passes. So many mixed signals. 'Bitcoin is not legal tender'. 'Banks can't offer services to crypto platforms'. And now this. Very confusing.

https://www.ccn.com/indias-govt-considers-allowing-crypto-tokens-for-metro-cards-airline-tickets-report/

[Kemarit]

That's why I said in my previous post that India is still in the gray area as far as crypto is concern. They contradicts themselves, a total dilemma for their government. They wanted to build their own crypto tokens but they ban the used of crypto transactions. Unlike Russia though, which picture they are pro crypto but from behind, they are against it. So its really hard to read what's the government sentiments towards crypto. So for our Indian crypto community enthusiast, there might be a chance that the government might chance their stance.

[AltEvangelist]

However, Quartz reported on Sunday, August 12, that a senior government official familiar with the panel’s discussions indicated that “now that ‘looks difficult’.”

Just read that article. Discomforting what the official says: “Blockchain is an interesting thing. We definitely want to milk it effectively for financial transactions. So all officials are really trying hard to understand how to separately use blockchain, without cryptocurrency,”

Clearly the concept of a public blockchain is still unclear. Thankfully some folks from the Blockchain and Cryptocurrency Committee are also advising in this case. Hopefully, the government will be able to see the merits.

So for our Indian crypto community enthusiast, there might be a chance that the government might chance their stance.

Amen to that.

[Kakmakr]

This is no different than what happens in other countries at the moment. The government is always 3 steps behind new and innovative technologies. The red tape in government and the decision making takes a while and most of these decisions are politically motivated. <They will base their decision on the populist view of their voters and not necessarily what is in the best interest of the public>

In short, if this decision will get them more support and more voters, then they will go for that decision, because it keeps them in power. 

[Nebula Crook]

https://news.bitcoin.com/indias-crypto-regulations-delayed/

The Indian government previously planned to submit the proposal for crypto regulations in July. However, a senior official has revealed that the regulatory framework for cryptocurrencies in India has been delayed and will likely be ready by the year’s end. Meanwhile, the government is reportedly considering “launching crypto tokens for financial transactions.”

Indian Regulations Delayed

Reports: India's Crypto Regulations Delayed, Government Considers ‘Crypto Tokens’
Subhash Chandra Garg.

The Indian government has been working on cryptocurrency regulations. A panel was set up in December last year under Subhash Chandra Garg, secretary in the department of economic affairs, to propose crypto regulations in India. The proposal was supposed to be ready in July and the regulations unveiled in September.

However, Quartz reported on Sunday, August 12, that a senior government official familiar with the panel’s discussions indicated that “now that ‘looks difficult’.”

A green signal towards legalizing crypto in India?

INDIAN government needs to realise that the delay they are causing is in anyway affecting their economy cos India would be great crypto services marketplace. Right now its just a cause of worry and nothing more to Indian citizens.

[Umkar]

Crypto currency for any state is a big problem. In general, decentralized crypto-currency to the state is not profitable, it benefits only citizens. Therefore, it is not surprising that in a country such as India, the government has so far deferred the formation of a legal framework for its circulation. However, proceeding from the fact that recently there have been positive conclusions about the possibility of its legalization in this country, I hope that by the end of the year or the beginning of the next year, the crypto currency will be legalized there.

[acheampong64]

It is very sad all crypto enthusiasts in India are suffering this fate. It seems the various governments are trying to fight a new technology which can make the world better if regulated well. We hope blockchain transcends to every place sometime in the future. My hope is that they learn about crypto, understand it better and provide proper regulations.

[audaciousbeing]

The people in India financial body in charge of regulations are bunch of confused people and its obvious that different parties are pursuing different agenda under the same government of the day which signifies some lack of unified sense of direction.

I don't understand how a government would set up a body to come of with propositions on regulating the activities of government since December for that matter and another agency of the same government is going about to get a court declaration to disallow the same subject matter without recourse to the ongoing process.

At the end of all of this, the receiving end I see are the crypto enthusiast who get scared easily and have decided that the best course of action is for them to sell off what they have without waiting for a definitive statement on crypto currency. The act on impulse and rumors and at the end of the day, they blame others for their woes.

[Slow death]

The Indian government has been working on cryptocurrency regulations.

if this is true, because until today still continue prohibit cryptos? because it is so difficult for them to do some research and decide once and for all the position of their government and the central bank. Telling stories to the sleeping ox is pitiful. A government must be very accountable and must be consistent in its positions. You can not say one thing today and tomorrow you can do another, you can not promise something and tomorrow you will not keep it.

[bbc.reporter]

There was already news about India delaying any regulatory decisions about bitcoin and the cryptospace, is this the same news or is this the second delay.

I reckon they are slowly learning that they cannot regulate bitcoin without starting bad precedents hehehe.