Indian Government strongly believe to finalize the crypto bill next month
The Govt. of India has reportedly filed the written legal declaration with the countries supreme court detailing its progress on cryptocurrency regulations and there are two expected to be discussed by inter-ministerial committee next month.
The Indian Supreme Court has been trying to hear the appeal since the crypto banking is banned by the Central Bank and Reserve Bank of India (RBI).
On October 25, the court decided the government to file the court legal written declaration within the 2 weeks and detailing its cryptocurrency regulatory progress. The court particularly asked for the reports from the committee which is setup by the Finance Ministry to recommend the crypto regulations, and the head of the committee is handled by the Subhash Chandra Garg who is the country’s economic affair secretary.
Quartz reported on Tuesday that the government has filed the affidavit with the Supreme Court in which the publication has claimed to be reviewed.
On November 2017, a finance ministry panel could be ready with the draft regulations next month, according to the news outlet; they publish the following section from the counter affidavit:
“In these days, serious efforts are going on the preparation of the draft bill and draft report on virtual currencies, and the use of distributed ledger technology in the framework and the financial system for the digital currency in India.”
The publication is continued to explain that “it is already expected that the draft report will be placed before the inter-ministerial committee by the next month” and both of the draft reports and the bill will be circulated to Inter Ministerial Committee members and also discuss the next IMC meeting.
Now according to the counter affidavit, “the next two meetings by garg panel is to be held on next month and one meeting held on January 2019 and will calculate the draft report and the provision of the draft bill on the virtual currencies.
On April, Central Bank issued and banning the financial institutions under in control from the providing services to the crypto businesses and this ban affects in July and the number of appeals has been filed against the ban.
On September 11, the Indian Supreme Court is able to hear all the appeals against the ban; however the hearing has been postponed repeatedly. Then on October 25, the court directed the government to submit the counter affidavit before the next hearing is scheduled.