Regulatory framework for cryptocurrencies in India is likely to be presented in the first half of July, said the Secretary of the Treasury for economic Affairs Subhash Chandra Garg (Subhash Chandra Garg).

According to officials, the project compiled and will be discussed in the first week Committee, which was specially created for the purpose of determining the future of cryptocurrency in the country.

“We’re close enough to develop a kind of template, which can be in the interests of the country. We have prepared a draft, which we intend to discuss with the Committee in the first week of July,” said Garg, who heads the Committee’s work.

The official said that the Committee had made significant progress in determining “what part of business should be banned, what should be saved.” The main parts of the bill have been worked out, said Garg.

“We should be ready to complete it in the first two weeks of July,” said Secretary of the Ministry of Finance.

He recalled that the Indian government does not consider cryptocurrencies currency and will not allow their use in the payment system of the country. This means that the Executive will take measures to prevent the illegal use of cryptocurrency assets in the country, said Garg.

The official stressed that the work of the cryptocurrency exchanges in India is not yet regulated. In the proposed rule provides legal requirements for adherence to the rules of customer identification (KYC) and account transactions.

We will remind that in February the Secretary of the Finance Ministry of India promised to introduce rules to regulate the cryptocurrency market before the end of the fiscal year (March 31).