At a point in time, everyone thought cryptocurrency was over in India. Well, is good you change your thoughts now as the Indian government is about to introduce cryptocurrency regulation.
According to a recent statement by a high-ranking official, the long-awaited regulations are on the way. A draft framework has been prepared, and authorities in Delhi hope to “wrap this up” as early as the first half of next month.
In addition, the Supreme Court has agreed to review a petition against the RBI ban earlier than expected, resetting the hearing for July 3.
A draft has been put together and will be discussed in the first week of next month, the official said in an interview with the news channel ET Now . Garg, who is heading the committee tasked to determine the future of Bitcoin in India, explained:
“We are fairly close to developing a kind of template which we think might be in the best interest of our country. We have prepared a draft which we intend to discuss with the committee members in the first week of July.”
The Finance Ministry representative also noted that the committee has made a lot of progress in regards to determining “what part of business should be banned, what should be preserved, and what not.” In his words, the lower detail work has already happened. “We should be in the position to wrap this up in the first fortnight of July,” he elaborated.