India Progressing on Crypto Regulation Amid Ban Rumor
The Indian government has been progressing on cryptocurrency regulation. A recent report from the Ministry of Finance confirms some recommendations. Meanwhile, local media reported Friday that a draft bill on the regulatory framework for cryptocurrencies is being circulated among relevant government departments.
Ministry of Finance’s Confirmation
The Ministry of Finance recently published a summary report of the government’s activities in 2018. “An inter-ministerial committee under the chairmanship of Secretary, Department of Economic Affairs with representatives from concerned departments has been constituted for considering all aspects related to virtual currencies and crypto assets,” the document begins to explain.
The Indian government was supposed to submit a report containing the legal framework for cryptocurrency to the supreme court in March but the court adjourned without addressing the matter. The next hearing date is July 23 and the community expects this matter to be addressed at that time. The Ministry of Finance’s report reads: Various options for treating virtual currencies and crypto assets including banning/regulating are being examined by the committee.
India Working With FATF
The report also reveals that India’s Department of Revenue has been working with the Financial Action Task Force (FATF) on various aspects including cryptocurrency. India is a member of the FATF, an international body which sets standards and promotes the implementation of......
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