India completes development of regulatory framework for Crypto.

[Paha87]

The government of India confirmed that the report of the interministerial Committee containing the regulatory framework for cryptocurrencies is being finalized.

"At the stage of completion»

The government of India has been working on the regulation of the cryptocurrency sector for a long time. The interdepartmental Committee (MMS), chaired by Subhash Chandra Garg, Secretary of the Department of economic Affairs, is responsible for developing the country's regulatory framework for cryptocurrencies and blockchain.

The publication Coin Crunch India writes that this report is "under revision", referring to a brief message from the government and, which reads:

The report of the Committee is being finalized and is therefore prohibited under section 8 (3) of the RTI Act 2005.

The news acknowledges that " section 8 of the RTI Act allows for the retention of data dissemination under certain circumstances.

The long-awaited report

India's Ministry of Finance explained to Lok Sabha (the country's lower house of Parliament) last December that the Committee's task is to "examine all aspects of blockchain and cryptocurrencies, including bitcoin," adding that "the Committee is working to develop a regulatory framework for cryptocurrency regulation."

Earlier, Garg reported that the draft report from the Committee will be ready in July last year. However, this event was postponed. In November, Quartz India wrote that the draft report should be submitted to IMC by December and distributed to IMC members at their next meetings in December and January.

Controversial news

Previously, there have been several conflicting reports regarding the recommendations of the Garg Committee. Cnbc Tv18 reported in early December last year, citing anonymous sources that the Committee recommended to leave the cryptocurrency illegal. On the contrary, in the same month New Indian Express published an article in which it was stated in detail that the Committee recommended to legalize cryptocurrencies.

In addition, the Ministry of Finance provided some clarification on the work done by the Garg Committee for Lok Sabha. "In the absence of a generally accepted solution and the need to develop a technically feasible solution, the Department is following this issue with due caution,"the Ministry writes, adding that it is Difficult to specify a specific schedule to develop clear recommendations.

LINK - https://altstake.io/news/indiyazavershaet-razrabotku-normativnoy-bazy-dlya-kripto