RATE Group | India’s cryptocurrency regulations will likely come by end of 2018 — Quartz India
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India’s cryptocurrency regulations will likely come by end of 2018 — Quartz India

13 Aug India’s cryptocurrency regulations will likely come by end of 2018 — Quartz India

Posted at 05:13h in Cryptocurrency News by

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The long-awaited regulations for the Indian cryptocurrency ecosystem are now likely to come only by the end of the year.

That’s because a finance ministry panel is still evaluating how to treat blockchain and cryptocurrencies separately. Although the Narendra Modi government and the Reserve Bank of India (RBI) had expressed their inclination to adopt blockchain, there have been misgivings on the latter.

The panel, set up in December 2017 under Subhash Chandra Garg, secretary in the department of economic affairs, to suggest regulations on cryptocurrencies, was expected to submit its proposal by July. Now that “looks difficult,” according to a senior government official privy to the panel’s discussions.

“There are lots of issues that need understanding and lots of studying needs to be done,” the official added, requesting anonymity.

The key issue facing the panel is if regulations can be drawn up to push the use of blockchain independently. Blockchain is a digitised…

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