India: Garg Committee Readies Crypto Regulation Draft!
It's very likely that we'll get to see policy draft on cryptocurrencies in the near future. Garg committee tasked with the job of creating it has confirmed it in a statement published by Livemint.
During a media interaction yesterday Garg was asked about the status of the regulatory draft to which he responded:
“The report is ready. We will submit it to the finance minister (soon). Of course, once the approval is done, it will be made public.”
This is good news but it would've been better to let the market self-regulate a bit longer. In any case this will be submitted to the finance ministry and hopefully soon after to the Supreme Court in the ongoing case and I'm hoping we'll get to review this draft before it's passed in the parliament. Ofcourse, that will take a while to happen.
Overall this is a good indication that the Garg committee is focused on delivering a working draft. Now it's a wait and watch game to figure out what's in it and if it is anti-cryptocurrency while remaining pro-blockchain technology which has been the stance of the government all along.
I'll update with more information as it becomes available. But I'm hoping the government won't take any drastic, impractical measures.
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This is good news though it will likely be anti-cryptocurrency while being pro-blockchain as you said. Anything that makes money to the people is a total no-no in the eyes of bureaucrats lol. But then, we can still hope lol.
Thanks. Keep us posted. I like your timely updates.
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I hope this committee shades some light in crypto regulation. We have been facing various issues in case of deposits and withdrawals. Government should do research about it and must take necessary steps to regulate crypto for the well being of our people. Blockchain has immense power. Terrorist funding and other issues may arise, but we need proper planning.
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Hope to hear the positive and official information soon.
This i a welcome deveopment. I am Nigerian but i like to follow trends around the world. I hope to see more and more countries embrace cryptocurrency real soon. Check this out:
https://steemit.com/bitcoin/@faithfulme/cryptocurrency-from-african-perspective-the-myths-threat-and-rise-of-a-universal-currency