India: Clear-Cut Cryptocurrency Law Still Months Away, Says Gov’t Panel

Don’t expect any final cryptocurrency regulations in India at least until the end of the year, according to members of the government panel set up to examine the emerging virtual currency ecosystem in the country.

The Conundrum That is Cryptocurrency

India isn’t the first country that has struggled with adequately defining what cryptocurrencies are, in terms of being currencies, commodities, or securities. Particularly problematic for the finance ministry panel looking into cryptocurrencies in India is the means by which they can separate cryptocurrency and blockchain technology.

The inability to gain any headway in its deliberations has caused a series of delays. The panel was expected to submit its findings in July 2018. However, available indications suggest that the committee won’t be ready with a report until late 2018.

Speaking to Quartz India, an anonymous state official said:

There are lots of issues that need understanding and lots of studying needs to be done….