India to Introduce Legal Framework on Cryptocurrency in July

[Henrikbliss]

The Indian government will be introducing a new set of regulations for the cryptocurrency industry next month.

In a recent interview with Indian news outlet ET Now, Subhash Chandra Garg, the head of the newly-formed Indian government crypto panel, said he and his team are close to announcing a regulatory framework for the use and trading of cryptocurrencies in the country.

Regulatory uncertainties have surrounded the Indian cryptocurrency for quite a long period, significantly hindering a widespread adoption of blockchain in the country. Representatives of the tax department have called for an outright ban on cryptocurrencies, while other government officials seem to be open to the idea of a crypto future in India.

Earlier last month, the Reserve Bank of India issued an order barring registered entities from facilitating cryptocurrency transactions. Even though there has been no official ban on cryptocurrencies in India, the central bank’s blockade will impede crypto startups and trading platforms from treating fiat payments. The matter has now reached the Supreme Court in a class action lawsuit by numerous exchanges and interested parties with a historic hearing and potential judgment to be held on July 20th, 2018.

Read More: https://news.bitzamp.com/india-to-introduce-legal-framework-on-cryptocurrency-in-july/