The Government of India has confirmed that the report, developed by the Inter-Ministerial Committee (IMC), containing the regulatory framework for the regulation of cryptocurrencies, is at the final stage, – this is reported by Coin Crunch India local news publication.
In December, the Indian Ministry of Finance explained that the task of the committee is to "study all aspects of cryptocurrency, including Bitcoin", in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details to develop a legal framework for regulating cryptocurrency. The report was planned to be presented in July, but later its discussion was postponed to December.
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The legal framework of cryptocurrency
The formation of a regulatory framework for the regulation of cryptocurrency in India is accompanied by several conflicting reports regarding the recommendations of IMC.
So, in early December, citing anonymous sources, the Quartz India publication reported that the committee recommends banning the use of cryptocurrencies. Then, in the same month, New Indian Express published an article stating that the committee recommends legalizing the use of cryptocurrency.
The Government of India confirms that the regulatory report is being finalized. In addition, the Ministry of Finance provided some clarification on the work done by the committee.
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"In the absence of a generally accepted solution and the need to develop it, the department takes care of this issue with due care. It is difficult to specify a specific timetable in order to develop clear recommendations; however, the development of long-awaited cryptocurrency regulation rules is at the completion stage", the ministry said.
Editor: Yuliya Soroka