India Reveals A Regulatory Draft For The Cryptocurrency Sector

According to the latest crypto news updates coming from India, the government is considering revealing a regulatory draft for the entire crypto sector before the year ends.

A panel by India’s Finance Ministry that is working on regulatory norms and domestic crypto trading, will likely start working on the draft in December. This solution comes to the light right as the government battled a case in the Supreme Court about how India sees the domestic cryptocurrency exchange industry. The country believed that the crypto sector is challenging the banking ban that was enforced by the central bank this year.

A piece of the government counter-affidavit reads:

‘’ Serious 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 affidavit reveals that the draft bill will be forwarded to members of the finance ministry committee. The committee will hold meetings about the draft. Back in 2017, the finance ministry formed another committee that was given a task to examine the global regulatory frameworks for cryptocurrencies and that same committee suggested proposing a regulatory framework for crypto trading and crypto using in India.
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The ongoing ban which was enforced by the central bank, banned banks from providing services to all crypto exchanges and this decision has massively blocked the industry in India. Crypto exchanges saw no reason why they should continue operations in the country and many of them including the largest one Zebpay moved to Malta.