crypto regulation in india
image_pdfimage_print

What did the RTI seek to know about Crypto Regulation in India?

A local Indian publication on cryptocurrencies said that it had filed an RTI on December 13, 2018, to the Department of Economic Affairs. The concerned RTI reportedly asked 3 questions:

  1. Has the panel (looking into the cryptocurrency regulation in India) submitted its report to the Finance Ministry?
  2. Has the expert panel recommended Bitcoin ban in India?
  3. The local news outlet asked the Department of Economic Affairs to provide them a copy of the recommendations, if possible.

Crypto Regulation in India is in the “Finalization Stage”

crypto regulation in india

Secretary of the Department of Economic Affairs, Subhash Chandra Garg, is heading an Inter-Ministerial Committee (IMC) for developing a cryptocurrency regulatory framework in India.

The Government of India (GoI) has finally sent a reply to the concerned news outlet on their filed RTI. In the brief statement, GoI said:

“The report of the committee is under finalization stage, hence, prohibited under section 8(3) of RTI Act, 2005.”

RTI Act’s Section 8 allows a government entity to not disclose certain data in particular circumstances.

Conclusion

Indian news agencies have been publishing conflicting reports regarding the upcoming crypto regulation in India. While a leading business news channel cited anonymous sources to say that the Garg-led committee recommended considering cryptos as illegal in India. In the same month, another report was published in a leading English newspaper saying that the committee has recommended legalization of cryptocurrencies in India with strong riders.

With the recent RTI reply it seems now that the Government of India will soon announce their decision on crypto regulation in India.

Photo Credit: https://pixabay.com/