India’s finance secretary, Subhash Chandra Garg, confirmed that regulations in cryptocurrencies are ready and would soon be presented to the finance minister. These regulations would be deciding the fate of digital assets and its enthusiasts in the country.
Subhash Chandra Garg said that the committee will soon submit a report to the finance minister and once it is approved, it will be made public.
Garg was heading the committee to understand and form regulations about cryptocurrencies and its relating factors. The last hearing on March 29 with the Supreme Court was adjourned, the court has been postponing a verdict for quite a while. The last hearing was supposed to provide the crypto community some clarity on the status of crypto in the country.
Few sources reported that Nirmala Sitharam, the newly appointed Finance Minister, has approved the said report and it will soon be made public.
Nischal Shetty, WazirX’s Chief Executive Officer, added to the report saying that once the crypto regulation report becomes public, the court/government should take into consideration the perspective of people participating in the crypto-space.
Shetty added that inviting members from the digital assets industry for commentary on finance ministry’s latest draft is very crucial as crypto is a new field with limited knowledge of the domain in the country.
Though the regulations will surely ensure the safety of its investors from illicit acts and will help the businesses in the industry grow, however, it’s important that the crypto regulations are imposed in phases and not all at once. He further added:
“I honestly think it’s too early to implement any regulation in this space. Every nation is working with drafts and recommendations with its industry participants. So while the draft is good for the industry, it shouldn’t be implemented without trailing it out in a sandboxed manner.”
The Supreme Court of India is scheduled to listen to the ‘Crypto Vs. RBI’ case in July 2019.
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