The Secretary of the Department of economic Affairs of the Ministry of Finance of India Subhash Chandra Garg (Subhash Chandra Garg) said that the government should approve a regulatory framework for cryptocurrencies in July. According to officials, the bill has already been prepared; the first reading should take place in the first week of the month. He told about it in interview to news channel ET Now.
Garg, who headed the special Committee on the prospects for BTC in the country, explained:
“We are very close to completing the development of a kind of template that we think will benefit our country. We have prepared the bill which will be debated in Committee during the first week of July.”
He also stressed that the Committee had made significant progress in defining the components of economic activities related to the cryptocurrency, which should “be prohibited or subject to conservation.”
In addition, the Indian Supreme court agreed to consider petitions for the removal of the prohibition of the Reserve Bank of India (RBI) on the provision of banking services to cryptocurrency exchanges. The session is scheduled for 3 July. The ban is valid from April this year and is a complex of measures to restrict activities associated with cryptocurrencies, coupled with a refusal to recognize digital currency as legal tender and tax penalties with cryptocurrency investors.
The representatives of the RBI, recently acknowledged that the ban was initiated without a thorough market research. It should be noted that the banks and exchanges themselves to new conditions of work were scheduled for July 5, and the original date of the meeting of the court of claims petitions was July 20. All will be considered five petitions, signed by the Association of Internet and mobile communications India (IAMAI), Kali Digital Eco-systems, Flinstone Technologies Pvt. Ltd and a group of kryptomere (Coindelta Exchange Koinex Exchange, Exchange Throughbit and Coindcx).
However, the first signals about the course the Indian government appeared before the news about the ban. In March, two national trading platform, BTCXIndia and ETHEXIndia, stopped servicing clients, citing a policy of the authorities.
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