Indian Government To (Finally) Draft Crypto Regulations This December

After years and years of ambiguity, the Indian government is in the latest digital currency news centered around regulation – now for its final plans to reveal a regulatory draft that will potentially regulate Bitcoin and the other altcoins in the cryptocurrency sector of the country before the new year.

It all came from one panel that was tasked by India’s finance ministry to regulatory norms and guidelines for domestic cryptocurrency trading and the blockchain industry – set to lay bare its draft next month according to a new report by Quartz.

This notable development was triggered in a counter-affidavit that was originally filed by India’s ruling government in a Supreme Court case which right now sees the domestic cryptocurrency exchange industry in India as challenging towards the banking ban enforced by the central bank of the country earlier this year.

An excerpt from the counter-affidavit reads the following:

[S]erious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.

The document also goes on to reveal that the draft bill and the report will both be forwarded to members of the finance ministry’s inter-ministerial committee. Subsequently, the committee will hold a meeting on the drafts which will be made available to its members sometime this December.

In a live TV interview in June, the head of the committee and secretary of the Department of Economic Affairs, Subash Chandra Garg, hinted that the committee had “moved quite a lot” in terms of drafting the regulations – despite the many missed deadlines on revealing the drafts.

Crypto traders are looking forward to a regulation of crypto – against an ongoing ban that will largely affect the digital currency industry in India.