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Regulations
According to reports, the Indian government has filed a sworn statement with the supreme court of the country, detailing its progress on cryptocurrency regulations in detail. "Serious efforts are being made" to prepare the draft law on encryption and report, the government explained. The two should be discussed by the interministerial committee within the next month.
Read also: Yahoo! Japan confirms entry into cryptographic space
Counter-Affidavit of the Government
The Indian Supreme Court has tried to hear petitions against the ban on bank encryption by the central bank, the Reserve Bank of India (RBI). On October 25, the court ordered the government to file a sworn counter-statement within two weeks, describing in detail its cryptographic progress. The court specifically requested a report from the committee set up by the Ministry of Finance to recommend the encrypted regulations. This committee is headed by Subhash Chandra Garg, secretary for the economic affairs of the country.
On Tuesday, Quartz reported that the government filed a sworn counter-statement to the supreme court, which the publication said it had examined.
"Next month, a group of finance ministers set up in November 2017 could be ready with a draft regulation," wrote the press release. He proceeded to publish the following extract from the counter-affidavit:
… at present, serious efforts are being made to prepare the draft report and the bill on virtual currencies, the use of the technology of the ledger distributed in the (the) financial system and the framework for the digital currency in India.
<img class = "size-medium wp-image-248583 alignright” title=”The Indian government plans to conclude the cryptocurrency project next month” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/court-300×229.jpg” alt=”The Indian government plans to complete the cryptocurrency bill next month "width =" 300 "height =" 229 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/court-300×229 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/11/court-768×586.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/11 / court-80×60 .jpg 80w, https://news.bitcoin.com/wp-content/uploads/2018/11/court-696×531.jpg 696w, https://news.bitcoin.com/wp-content/uploads / 2018/11 /court-550×420.jpg 550w, https://news.bitcoin.com/wp-content/uploads/2018/11/court.jpg 918w "sizes =" (maximum width: 300px) 100vw, 300px”/>The publication went on to explain that "The draft report is expected to be presented before the IMC [inter-ministerial committee] by next month. "Both the draft report and the bill will be distributed to members of the IMC and discussed at the next IMC meeting.
According to the counter-statement, "The next two meetings of the Garg group, which will be held next month and in January 2019, will resolve the draft report and the provisions of the bill on virtual currencies", announced the press release .
Hearing of the Supreme Court
<img class = "size-medium wp-image-248604 alignright” title=”The Indian government plans to conclude the cryptocurrency project next month” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/supreme-court-300×234.jpg” alt=”The Indian government plans to complete the cryptocurrency bill next month "width =" 300 "height =" 234 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/supreme-court -300×234.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/11/supreme-court-768×600.jpg 768w, https://news.bitcoin.com/wp-content/uploads / 2018/11 /supreme-court-696×544.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/11/supreme-court-538×420.jpg 538w, https: //news.bitcoin .com / wp -content / uploads / 2018/11 / supreme-court.jpg 951w "sizes =" (maximum width: 300px) 100vw, 300px”/>In April, the central bank issued a circular prohibiting financial institutions under its control to provide services to encrypted companies. The ban entered into force in July. A number of petitions were presented against the ban.
The Indian Supreme Court has planned to hear all petitions against the September 11 ban. However, the hearing was repeatedly postponed. Then, on October 25, the court ordered the government to file a counter-statement before the next hearing.
Meanwhile, banks have closed cryptographic exchange accounts, forcing them to propose their solutions to provide legal support to their customers, for example through peer-to-peer systems.
What do you think about how the Indian government manages the encrypted regulations? Let us know in the comments section below.
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