India finally drafts cryptocurrency regulations in December 2018
According to the latest Quartz reports, the Indian administration is all prepared to place a new set of its guidelines for crypto trading activities that will be taken place in December 2018 illuminating its position on the way these digitalized assets could be traded and used in India.
A set of the panel appointed by investment government that was prepared in 2017 is now estimated to give away the draft report and notice on “computer-generated currencies”. With the use of blockchain in this monetary method and agenda for India’s digital money has mentioned the nation’s reigning members in a hostage affirmation in a Supreme Court case filed by local crypto exchanges which have suspected the administration of roasting the business.
Once Reserve Bank of India gives them an official notice along with a deadline along with this new guideline, it will be the banks that will have to stop trading with crypto industries. For the other sector, the management of India is yet to take an appropriate decision about modifying cryptocurrencies in India till now.
The Supreme Court of India has received a reply from the Indian Government for an appeal requesting for proper guidelines and rules of cryptocurrencies. However, the govt has yet not responded for the same.
The news was broadcasted after the country’s dominant investment organization, the Reserve Bank of India, gave warning to the banks to halt in making any trade with crypto exchanges in April 2017. With this news it saw local exchanges closed down their operations; Zebpay, questionably the leading Bitcoin exchange in India, closed their business by going forward and doing their processes to Malta and helping 20 countries in Europe.
Subhash Chandra Garg, head of the monetary panel that will prepare the strategy had earlier mentioned that rules would be applied by March 2019. With the panel’s meetings slated to take place over this January and December 2019 he further feels whether the deadline will pass or it will remain the same. The new rule is going to be bad news for crypto exchanges in specific who rely on banks for their professionalism.