On Friday, after the disappointing outcome pertaining to the Reserve Bank of India v/s Indian cryptocurrency exchanges’ petition in the Supreme Court, some development came to light.
An anonymous source from the Finance Ministry told The New Indian Express, “The government will finally come up with detailed guidelines on cryptocurrency. The draft is ready and consultation is on with all the stakeholders, including market regulator SEBI, India’s central bank RBI and the Internet and Mobile Association of India (IAMAI) before coming up with the final paper. We expect it to be ready by September.”
Although Crypto-News India, has not quite been able to verify the claim independently, we have reasons to believe, that it could be likely, based on the information we have.
On Friday, after hearing some of the arguments presented by both the parties, the Supreme Court had said that the final date of the hearing would be September 11. Chief Justice of India, Dipak Mishra had said, “It will be the 11 of September. The CJI said all the proceedings should be completed in the next four weeks.”
Now, adding two and two together does come to four. It seems that the timing of the court hearing as well as the committee’s draft on regulation of cryptocurrencies might just be coinciding around the same time. Now, that is evidence that cannot be merely coincidence.
The unnamed source also told the publication that Securities and Exchange Board of India (SEBI) as well as the RBI have some serious reservations against cryptocurrencies. The source added, “Cryptocurrency is a new phenomenon and naturally, governments across the globe are struggling with it. Most of the officials have serious reservations against it, which all of us agree with. However, we want to arrive at a common conclusion. There must be an appropriate mechanism to regulate the same.”
However, we need to individually find out how much of this news is true. To remind readers, we had written a story about a person who was also familiar with the matter.
On that occasion, our source had said, “The government will be positive towards adoption and inculcation of Blockchain in system as already various government agencies have started making use of it. So definitely Blockchain is going to be accepted and promoted through regulations. When it comes to crypto currencies, the government’s position will still remain confused and unclear. They are allowing it to be traded with self risk and with minimum state intervention as parliamentary elections are close and its fifth year of government. They might come with fresh regulations on Crypto exchanges operating in India.”