The Indian government is expected to issue detailed cryptocurrency guidelines by September, a senior official from the country’s Ministry of Finance reportedly said. Consultations with all stakeholders including the central bank have already begun. This announcement is independent of the supreme court’s hearing of petitions relating to crypto regulation in India.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Regulation Expected by September
The Indian government has reportedly finished drafting the regulatory framework for cryptocurrencies. The New Indian Express wrote on Saturday that the government is “likely to issue guidelines on cryptocurrency by September.”
Subhash Garg.
This news follows the statement last month by the country’s Economic Affairs Secretary, Subhash Garg, confirming that the draft law would be ready by mid-July.
Citing that stakeholders include the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Internet and Mobile Association of India (IAMAI), an unnamed senior official from the Ministry of Finance told the news outlet:
The draft is ready and consultation is on with all the stakeholders…before coming up with the final paper. We expect it to be ready by September.
“The ministry has constituted an interdisciplinary committee under the chairmanship of Special Secretary (Economic Affairs) to examine the regulatory framework regarding virtual currency,” the publication detailed. “SEBI and RBI have expressed some reservations regarding clauses in the initial draft.”
How Should Crypto be Regulated?
The unnamed senior official was quoted by the New Indian Express, “Cryptocurrency is a new phenomenon and naturally, governments across the globe are struggling with it.” He further detailed, “Most of the officials have serious reservations against it, which all of us agree with … we want to arrive at a common conclusion.
