According to a recent report by a digital news channel, the government of India is all set to present over a draft report on the regulation act of cryptocurrency, which is most likely to come to light by December 2018.
Earlier this month, the Indian government registered a counter-affidavit in the Supreme Court of India, which is presently proceeding with a case registered by numerous cryptocurrency exchanges against the Reserve Bank of India (RBI).
The government’s counter-affidavit informed, “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.”
As per the document, the Finance Ministry of India has tasked the panel headed by Subhash Chandra Garg, Secretary in the Department of Economic Affairs with preparing the draft bill. He will present over the first edition of the regulation report in coming December.
According to the Digital News Channel, the draft bill on crypto regulation will be first sent out to the Inter-Ministerial Committee (IMC) representatives, and then the IMC members will precisely consider the draft bill and present it by the next month.
In addition, Subhash’s group has scheduled two sessions in January 2019 for the discussion on crypto regulation. The IMC members will present the regulation act and take the propositions during the discussions.
The legal assault on the Crypto Regulation act started in April 2018, when the RBI stated that they would break off the persons or judicial entities associated with cryptocurrencies. With this move earlier in April, several crypto companies filed a case in the Supreme Court of India against the RBI to invalidate the decision. After several delays, the hearing took place in last October.