The Indian government panel appointed to recommend cryptocurrency measures has reportedly submitted its report to the country’s finance minister, suggesting a new legal framework for cryptocurrencies. The actual content of the report has yet to be announced publicly. Industry participants weigh in on speculation about the report’s content.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Panel Report Submitted
The panel appointed by the Indian government to draft a set of standards for cryptocurrencies has submitted its report to the finance minister, Cnbc Tv18 reported on Friday. Quoting anonymous sources, the news outlet wrote:
Ending the speculation on virtual currencies such as cryptocurrencies and bitcoins, a government panel has suggested that the government should consider framing a new law for regulating that space.
This panel is headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary. In November, Quartz India reported that the government’s counter-affidavit filed with the country’s supreme court stated that this panel would “deliberate the draft report and the provisions of the draft bill on virtual currencies” in December.
The sources also said that the panel suggested “a new sovereign backed virtual or cryptocurrency may be proposed considering global circumstances; probably at a later stage,” Cnbc Tv18 wrote.
Content of the Report in Question
The report by Garg’s panel has not been made public and no official announcement has been made about its content so there is only speculation at this point.
Cnbc Tv18 did not offer any concrete information about the content of the report either. The news outlet was only able to quote anonymous sources as saying, “The panel has suggested that a new legal framework within the Reserve Bank of India (RBI) guidelines should
