India: government plans to adopt a comprehensive regulatory design for dealing with crypto currencies

the In the court case about the legality of crypto-exchanges in India there are new developments. In defence of the Indian government an affidavit stating that a draft law should be completed for the regulation of crypto-Assets by the end of 2018.

David-separator
21. November 2018 share Facebook Twitter LinkedIn xing mail

India could actually be a pioneer in terms of crypto-currencies. Because the Indian population is comparatively crypto-savvy. However, the government of the country makes these efforts more and more on the streets. The most recent example of this ambivalence, the seizure of the first Bitcoin ATMs by Indian authorities.

the government wants to change for clarity

This could well. Because, as the news site Quartz reports, the Ministry of Finance on a kind of Task Force to submit by the end of the year, a draft of the regulatory deal with crypto-currencies. The working group, there is Reportedly already in November 2017; however, it was recently known that to expect results soon. This is the Indian Ministry of Finance explained in the course of a judicial proceeding on oath.

In the process of suing a whole series of Exchanges against the government, and accuses this to want to due to the repressive attitude against Kryptos the scene in the country suffocation. These accusations in turn, seems to want to the Indian government with regard to the existence of the working group to disperse.

In the affidavit before the court it is said:

"Currently, serious efforts to prepare for a law to be made to the draft on virtual currencies [ ... ]. The draft law will be sent to the members of the Cabinet and then to the discussion. This is planned for the coming month.“

Apple of discord crypto currencies

The trial is a long-lasting dispute between the Indian crypto companies and the government. Like BTC-ECHO reported that Indian government authorities, the companies of unfair business practices. Some government representatives even went so far as crypto-currencies in General, be described as a snow ball system.

After the Indian Central Bank prohibit the lending of crypto-exchanges, filed a merger of crypto-exchanges the above-mentioned case before the Supreme court of the country. Since this decision, the business is on the subcontinent is hardly profitable. The Indian trading platform Zebpay announced already in September, moving to crypto-friendly shore: she goes to Malta.

The Case of Bitcoin, however, is still not out. How the court decides in the matter and which way the Indian government takes in the future, yesterday as it is today completely open.