Copy link
Increase text size
Decrease text size
Link copied

Difficult to set specific timeline to come up with cryptocurrency regulation, says Indian Minister Pon Radhakrishnan

Mon, 31 Dec 2018, 11:27 am UTC

Following recent reports that suggested that Indian authorities were considering introducing regulation for cryptocurrencies, Quartz has reported that the government is in no rush to finalize the rules.

This could mean that the ongoing tussle between domestic cryptocurrency exchanges and the government is far from over.

Indian cryptocurrency exchanges this year approached the Supreme Court of India to fight the banking ban imposed by the Reserve Bank of India in April.

In October 2018, the apex court had asked the government to submit a report on the findings of a crypto-focused committee it had established. A senior official who attended the panel’s meetings recently told the New Indian Express that there is a general consensus among members that cryptocurrencies need to legalized with strong riders.

“Deliberations are on. We will have more clarity soon,” the official had said.

The panel was expected to submit a draft report to its own members this month and discuss its findings in the upcoming meeting in January 2019. Previous reports suggested that the report was expected to be submitted to the finance ministry by February 2019.

However, a minister has now informed the Indian Parliament that the government is not in a rush to formulate the rules or even to set a deadline for this purpose.

On December 28, Pon Radhakrishnan, the minister of state for finance, told the Lok Sabha, the lower house, (as quoted by Quartz):

“In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,603.14 (-2.09%)
  • Ethereum (ETH) $241.49 (-1.16%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $256.30 (-0.95%)
  • Bitcoin SV (BSV) $195.65 (-1.16%)
  • Bitcoin (BTC) $9,603.14 (-2.09%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.