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The Indian government group appointed to recommend cryptocurrency measures has presented its report to the country's finance minister, suggesting a new legal framework for cryptocurrencies. The actual content of the report has yet to be publicly announced. Industry participants focus on speculation on the content of the report.
Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations
Report of the posted panel
The panel appointed by the Indian government to draft a series of cryptocurrency standards presented its report to the Minister of Finance, CNBC TV 18, reported Friday. Quoting anonymous sources, the newsletter wrote:
Ending speculation on virtual currencies such as cryptocurrencies and bitcoins, a government group suggested that the government should consider the idea of a new law for the regulation of this space.
This panel is directed by Subhash Chandra Garg, secretary for the economic affairs of the country. In November, Quartz India reported that the government's sworn counter-statement filed with the country's supreme court declared that this group would "deliberate the draft report and the provisions of the virtual currency bill" in December.
The sources also said that the group of experts suggested "a new virtual sovereignty or sustained cryptocurrency could be proposed considering global circumstances, probably at a later stage", wrote Cnbc Tv18.
Content of the report in the application
The report of the Garg jury was not made public and no official announcement was made of its contents, so at this point there is only speculation.
<img class = "size-medium wp-image-258307 alignright gr-progress” title=”Report: the Indian government panel presents cryptocurrency recommendations” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/anonymous-300×219.png” alt=”Report: The Indian Government panel presents the recommendations of Cryptocurrency "width =" 300 "height =" 219 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/anonymous-300×219. png 300w, https: //news.bitcoin.com/wp-content/uploads/2018/12/anonymous-324×235.png 324w, https://news.bitcoin.com/wp-content/uploads/2018/12/ anonymous.png 498w "sizes =" (maximum width: 300px) 100vw, 300px”/>Cnbc Tv18 did not offer any concrete information on the content of the report. The newsletter was able to cite only anonymous sources saying: "The panel suggested to introduce a new legal framework within the guidelines of the Reserve Bank of India (RBI) to ban cryptocurrencies and the law should clearly specify that any kind of dealing in such currencies should be considered illegal ".
Commenting on Cnbc Tv18's account, Nischal Shetty, the managing director of the Indian cryptic Wazirx exchange, told news.Bitcoin.com:
Several times we have heard such things in the news before. Until we see the relationship, I would not advise anyone to jump to conclusions.
Shetty has launched a Twitter campaign to invite the government to introduce positive regulation for the crypto industry in India.
<img class = "size-medium wp-image-258312 alignright” title=”Report: the Indian government panel presents cryptocurrency recommendations” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/think-300×235.png” alt=”Report: The Indian government panel presents the cryptocurrency advice "width =" 300 "height =" 235 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/think-300×235. png 300w, https: //news.bitcoin.com/wp-content/uploads/2018/12/think.png 385w "sizes =" (maximum width: 300px) 100vw, 300px”/>The word "prohibition" has been used in Indian cryptor-regulator references before, but its meaning has so far been open to interpretation. Quartz India reported in October at a government meeting that discussed "an appropriate legal framework to prohibit the use of private cryptocurrencies in India". Crypto Kanoon, a platform engaged in cryptographic analysis, stressed that "the word" use "may imply that the sale, the transaction or its conversion into rupees may be prohibited but not the possession itself," he said the publication.
In addition, several announcements of the Indian government have been mistaken for some as banned crimes or made illegal. For example, in his February budget speech, the finance minister stated that the Indian government does not consider cryptocurrencies a legal tender. Some media have subsequently misinterpreted his words in the sense that cryptocurrencies are illegal.
The CEO of Unocoin, an Indian cryptic exchange, Sathvik Vishwanath, told us at news.Bitcoin.com:
The finance minister was clear: cryptocurrencies are not legal tender in India. He did not say that they are not legal in India. There is a huge difference.
The ban on bank encryption of the RBI has also been confused by some as a general prohibition of cryptography.
The challenges of Banning Crypto
<img class = "size-medium wp-image-258318 alignright” title=”Report: the Indian government panel presents cryptocurrency recommendations” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/indian-flag-300×239.png” alt=”Report: The Indian government panel presents the cryptocurrency advice "width =" 300 "height =" 239 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/indian-flag- 300×239.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/indian-flag.png 337w "sizes =" (maximum width: 300px) 100vw, 300px”/>Naimish Sanghvi, founder of the Coin Crunch India publication, shared with the news.Bitcoin.com that "Recommendations [such as from Garg’s panel] we do not always convert immediately to the law. "While noting that the Cnbc TV18 report comes from anonymous sources, he explained some challenges that the government would have to face in implementing these measures." If they do not, they have to change the law. coinage act that currently only defines INR coins and evaluates as official legal currency, "he explained, adding that any change to the existing law to account for cryptocurrency" must go to parliamentary approval as a law. "
Vishwanath also told news.Bitcoin.com that, at the last court hearing on the petition against the ban on RBI bank encryption, "our lawyers asked for a date in which we were given significant time to listen to the question and go to an order ", noting:
I foresee a significant possibility that the Supreme Court will provide a provisional measure. In India, the regulation requires a long road, so there may be some drafts by December but not the regulation itself.
Regarding the fact that the Indian government would have been able to prohibit cryptography, Shetty told Quartz India in November that "even if the government decided to ban possession [of cryptocurrencies], it will simply be impossible to implement. "He elaborated this even though" The government can successfully ban the known and large exchanges; but then small hyperlocalic exchanges will probably emerge and it will be extremely difficult to track and block them ".
What do you think the Indian government will do about cryptography? Let us know in the comments section below.
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