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Indian Government To Consider Cryptocurrency Bill

17:32 21/11/2018

The government of India may soon determine its ultimate attitude to the crypto industry, Quartz India reports.

The working group established in the Ministry of Finance of the country in November 2017 may promulgate the rules regarding cryptocurrency in the next few months, as follows from the document of the Supreme Court of India.

The supreme judicial body appealed to the government for clarification of the crypto policy being conducted, since judges are considering a case initiated by several trading platforms that accuse the authorities and the central bank of India of infringing the rights of crypto companies.

The government working group is headed by Subhash Chandra Garg, a high-ranking official, the Secretary of the Department of Economic Affairs.

Currently, significant efforts are being made to prepare a bill on virtual currencies, the use of blockchain in the financial system and the structure of the digital currency in India, according to the document. The draft law and an explanatory note to it will be submitted for consideration of members of the interdepartmental government commission.

The Garga working group will discuss the bill and then make a final decision during the next meetings, which will be held in December 2018 and January 2019.

Earlier, Debjani Ghosh, the head of the Indian association NASSCOM, suggested that the country has to change the attitude to cryptos.

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