Cryptocurrency regulations in India are not getting implemented any sooner. It was earlier predicted that the crypto draft is likely to come out by the end of September 2018 but it seems pretty dicey as there are many issues which are yet to be addressed. The long-awaited sets of laws are evaluating the apt usage of blockchain and cryptocurrency separately. However, it seems that the government has realized the potential of the new age virtual currency and the encryption based technology.
According to Quartz, it is stated that the government panel and Reserve Bank of India have expressed the interest in the adoption of blockchain within various sectors, but there have been doubts on the latter. Perhaps, there lies a low confidence in the acceptance of cryptocurrency regulations in India.
A panel was set up under the guidance of the Department of Economic Affairs Secretary, Subhash Chandra Garg in December last year. He was given the task to submit a proposal on cryptocurrency regulations in India which was scheduled to come out in July this year. However, the internal discussions with various other government agencies like SEBI and RBI raised many concerns regarding the operations of digital currency. It is allegedly said that there are many issues related to crypto trade which have to be studied and understood completely.
Cryptocurrency Regulations In India V/S Blockchain Technology Implementation
Certainly, this is the most challenging part of the draft which is being taken up as the priority. Cryptocurrency is based on the platform of blockchain technology which is a decentralized public ledger. If at all the finance application of the technology is separated it remains nothing more than a bookkeeping case which can be accessed by anyone on the internet.
There is another proposal about cryptos to be treated as commodities in the Indian market. Probably it will give a right way to judge the flow of money coming in the cryptocurrency trade. But for now, cryptocurrency regulations in India are not going to be addressed officially any sooner.
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