India has postponed the regulation of cryptocurrencies!!!

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                   India has postponed the regulation of cryptocurrencies, but discusses his "cryptotoken»

Earlier, the government of India planned to submit a proposal to regulate the cryptocurrency in July. However, a senior official said that the regulatory framework for regulating the circulation of cryptocurrency in India has been postponed and is likely to be ready only by the end of the year. Meanwhile, the government is reportedly considering "launching cryptographic tokens for financial transactions."

The government of India has been working on cryptocurrency regulation for quite a long time. In December last year, the group has been established under the leadership of Subhash Chandra Garga, the Secretary of the Department of economic Affairs, to offer a crypto regulation in India. The proposal was due in July and the rules were expected to be made public in September.

However, a senior government official who is a member of the rule-making group said that "the decision is difficult to make now," adding:

Rules for cryptocurrency circulation in India are likely to appear by the end of 2018. The group of Finance Ministers continues to assess how to regulate blockchain and cryptocurrency separately. There are many problems that require understanding, and a lot to learn.

The news article clarifies that "the key issue facing the group is to develop rules to regulate the activities of blockchain companies," and the approval continues with a quote from an official:

The blockchain is an interesting thing. We definitely want to use it effectively for financial transactions. Therefore, all officials are really trying to understand how to use blockchain separately, without cryptocurrency. And understanding new software takes time.

The Indian government's "crypto-token»
DNA India reports that the Indian government is "considering issuing cryptographic tokens for financial transactions in the country, even if the existing ban on cryptocurrencies will apply in the future."

While cryptographic tokens are based on the use of blockchain, the news feed describes that unlike cryptocurrency, "a crypto token is a representative of money. It cannot be used in place of money."

A team of researchers led by Mr. Garg is also " exploring the possibility of using a variety of cryptocurrency assets, including cryptocurrency," explained a senior official at the Ministry of Finance and added:

The Committee is examining whether crypto tokens can be used to replace smart cards such as subway cards in the public sector. Similarly, in the private sector, it can be used in loyalty programs such as the provision of free airplane miles, where the use of such tokens is limited to the purchase of the next ticket and cannot be converted into money.

Recognizing that the new technology has great prospects, the publication chaet that"Mr. Garg categorically denies the possibility of using cryptocurrency in any way, including in payment systems."

Link to the source of information (Russia) - https://altstake.io/news/indiya-otloghila-regulirovanie-kriptovalyuty-no-obsughdaet-svoy-kripto-token