The Indian Cabinet Committee, created late last year to determine the future of the stock market of the country, developing the legal framework to ban the use of private cryptocurrency, such as bitcoin.
The Committee, headed by the Secretary of the Treasury for economic Affairs of Subhash Chandra Garga (Subhash Chandra Garg) initially promised to submit the draft rules for the regulation of cryptocurrencies at the end of March, then the deadline was shifted to July, September and year end.
At the 19th meeting of the Council for financial stability and development (FSDC) of India, headed by the Finance Minister Arun Jaitly (Arun Jaitley), among other things, discussed the issues and problems of krivalya in the country. According to a press release, the meeting was informed by the representative of the government Committee to discuss the ban on the country’s use of private cryptocurrency.
The relevant passage of the press release published on Twitter, a local industry source CryptoKanoon. On the website of the Ministry of economic development the document was not available for download at the time of writing.
“The Council also discussed issues and problems of scriptaction /cryptocurrency and were informed about the discussion in the high-level Committee under the chairmanship of the Secretary for economic development of an appropriate legal framework to ban the use of private cryptocurrencies in India and promoting the use of technologies of the distributed registry, as announced in the budget for 2018-1919 years,” — said in a press release.
Mr. Garg briefed Council on FSDC:
“..deliberations in the High-level Committee to devise an appropriate legal framework to ban the use ofprivate crypto currenciesin India”
Does the abovesaid indicate that the possession and trading of Crypto are going to be permitted?#BPositive pic.twitter.com/RvfX0FhYOM
— Crypto Kanoon (@cryptokanoon) October 31, 2018
Recall that in mid-October, local media reported that the Committee Garga is considering a ban on the possession of Indians as “cryptocurrency is not approved by the government.” In its current form, it is obvious that it is supposed to prohibit the trade, exchange, and use all the private crypto-currencies as means of payment.
Tough position of the Ministry of Finance, and mainly, the ban of the Reserve Bank (RBI) of India for banking service companies in the industry, have lead to the actual termination of trading in cryptocurrencies in the country. One of the largest kryptomere India Zebpay — closed the business and moved the operation abroad. The exchange Unocoin tried to continue installing a bitcoin ATM to allow customers to Deposit/withdraw funds. But the first established in Bangalore, the bitcoin ATM was seized by the police, and the co-founders of crypto currency exchange is arrested for violating the rules of RBI.