what is future of cryptocurrency in india amid RBI regulations

Committee To Submit its Report on Cryptocurrency in July says Subhash Chandra Garg

For those who are wondering what is the sitting committee doing about Bitcoin and cryptocurrencies in India, we might have the answer soon enough. The committee was setup by the Finance ministry of India in early 2018 to review and recommend the further steps for cryptocurrencies in India.

In an interview with ET Now, Economic Affairs Secretary Subhash Chandra Garg talked about the current position of the committee. Garg is leading the committee.

During the interview the secretary said they are close to publishing the draft and should be able “wrap up” everything within first two weeks of July.

We are fairly close to developing a kind of template which we think might be in the best interest to our country. We have prepared a kind of draft that we intent to discuss with the committee members in the first week of July. We actually moved quite a lot in that, what part of this business should be banned, what should be reserved and what not. That kind of lot of detail work has happened and now we should be in a position to wrap that up in the first fortnight of July. – DEA Secretary Subhash Chandra Garg

July 2018 is possibly going to the most interesting month for India for cryptocurrencies, as many events will make or break the future of crypto for the country

  • July 3 – Supreme Court will hear the appeal of IAMAI against RBI’s virtual ban on Cryptocurrency
  • July 5 – The deadline for Banks to close ties with crypto exchanges
  • By July 15 – Garg Committee to submit its report on Cryptocurrencies
  • July 20 – Supreme Court will hear the appeal to ban, regulate or allow cryptocurrencies in India

Here’s the video of the ET now Interview.

What do you think the government should do? We want to know your opinion, let us know in the comments below

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