A lot has been talked about the future of Cryptocurrency in India in the recent past. The issue with the regulation of cryptocurrencies has been quite evident for a long time. It was also said that the tax department wanted to ban it.
Also, earlier this month, an RTI application revealed that the central bank had neither conducted any research nor consulted opinions from experts or the Government before enforcing the arbitrary banking ban on the cryptocurrency sector. The Government of India, however, had never been clear about this and the discussions persisted on cryptocurrency forums among traders and investors regarding the future of Cryptocurrency. It all seems to change in the near future.
In a recently held interview onET Now, dated 18 June 2018, Mr. Subhash Chandra Garg, Economic Affairs Secretary, threw some light over the ongoing issue.
Mr. Subhash Chandra Garg, who also heads the committee on the future of Bitcoins in India, said that the committee is close to developing a template, which would be in the best interest of the country.
We are fairly close to developing a kind of template which we think might be in the best interest to our country. We have prepared a kind of draft that we intent to discuss with the committee members in the first week of July. We actually moved quite a lot in that, what part of this business should be banned, what should be reserved and what not. That kind of lot of detail work has happened and now we should be in a position to wrap that up in the first fortnight of July. — DEA Secretary Subhash Chandra Garg
July 2018 is possibly going to the most interesting month for India for cryptocurrencies, as many events will make or break the future of crypto for the country
- July 3 – Supreme Court will hear the appeal of IAMAI against RBI’s virtual ban on Cryptocurrency
- July 5 – The deadline for Banks to close ties with crypto exchanges
- By July 15 – Garg Committee to submit its report on Cryptocurrencies
- July 20 – Supreme Court will hear the appeal to ban, regulate or allow cryptocurrencies in India