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The panel appointed by the Indian Government for suggesting a new legal framework on cryptocurrencies has officially submitted its report to the finance minister of the country, Arun Jaitley. Report’s actual content has not been announced yet publicly. The concerned panel on cryptocurrency is headed by India’s Economic Affairs Secretary, Subhash Chandra Garg.

CNBC Tv18 has quoted anonymous sources to say that the panel suggested proposing a new sovereign backed cryptocurrency or virtual currency at a later stage, depending on the global circumstances.

What does the Report Say?

As the official announcement about the report hasn’t been made yet, no official information about the content of the cryptocurrency report (submitted by the panel) is available.

However, the news outlet, CNBC Tv18, has quoted anonymous sources to say:

“The panel has suggested that a new legal framework within the Reserve Bank of India (RBI) guidelines should be brought in to ban cryptocurrencies and the law should clearly specify that any kind of dealing in such currencies should be treated as illegal.”

indian government panel cryptocurrency

When asked about his reaction about the report published by CNBC Tv18, CEO of Wazirx (a cryptocurrency exchange of India) Nischal Shetty said that they have heard such news before too. However, he suggested that no one should jump to conclusions until the report is made available officially.

What Did Others say about the Latest News on Indian Government’s Stance on Cryptocurrency?

Sathvik Vishwanath, CEO of Unocoin (another cryptocurrency exchange in India), said that Finance Minister of India was very clear when he said: “cryptocurrencies are not legal tender in India”. However, many people considered this statement as a cryptocurrency ban by the Indian government. Sathvik pointed out that the finance minister never said that cryptos are not legal in India. “There is a huge difference.”

He went on to say that there is a huge probability for the Supreme Court of India giving an interim relief to the RBI’s crypto banking ban. He also said that a draft by the panel may have been officially submitted. However, it doesn’t mean that the regulation has been formulated in December 2018. It’ll take a long time for the regulation to be implemented.

 

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