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Committee setup to decide the future of Bitcoin ban in India

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There has always been a question raised regarding the status of cryptocurrency in India. The Indian government has never openly given admittance to cryptocurrency in the Indian Market. But, finally, the Indian government is ready to reveal a regulatory draft fir cryptocurrency in India.
According to the Quartz report, A panel is set by India’s finance ministry to set lay its draft on regulatory norms and guidelines for cryptocurrency trading and blockchain in India.
This development came to light after a counter-affidavit was filed by the Indian government in Supreme Court which is currently overseeing the challenge by cryptocurrency exchanges on RBI’s, the central bank of India, ban on cryptocurrency.
The relationship between India’s regulatory body and cryptocurrency has always been complicated. Earlier this year when India’s regulatory body banned cryptocurrency, everyone had severe doubts regarding the future of cryptocurrency in India. After the bitcoin ban in India, the founders of Unocoin Exchange were arrested almost a month ago.
The panel headed by Subash Chandra Garg, current secretary in the department of economic affairs, has been drafting the norms. The government’s counter-affidavit reads:
“….currently serious efforts are going on for the preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in the financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (Inter-Ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.”
Prior to this panel, there was an inter-governmental committee created in March 2017 whose role was to suggest a framework to regulate bitcoin/cryptocurrency. The committee, which included India’s taxation, budget, and economic affairs ministries as well as central bank representatives, had the mandate of suggesting regulatory framework not only in usage but also trading in India.
It is interesting to note that the present committee’s approach to regulation will be revealed at the time when the government is considering a ban on the use of bitcoin/cryptocurrency in India.
Everyone has a keen eye on this committee since it will decide the future of cryptocurrency in India. Will it be legalized or will the organization suffer the same fate as Zebpay?

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