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Indian Government delays Crypto Regulations, Uncertainty continues

BlockClutch Team

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Indian Government delays Crypto Regulations, Uncertainty continues

In case India’s battered cryptocurrency ecosystem anticipated regulatory clarity soon, then it’s set for disappointment. The Indian parliament was advised last week that the government is in no rush to finalize any standards or to set a deadline for the job.

“In lack of an internationally acceptable solution and also the necessity to invent technically viable remedy, the department is pursuing the issue with due care. It’s hard to say a particular deadline to think of clear guidelines,” Pon Radhakrishnan, the ministry of state for finance, informed the Lok Sabha, the lower house, on Dec. 28.

Radhakrishnan was responding to a query from a fellow parliamentarian.

Certainly, the Narendra Modi government is in no mood to offer any respite to investors or cryptocurrency exchanges. The government had formed a committee in November 2017 to examine and indicate guidelines on virtual currencies. This weapon was expected to publish a draft report for its members on bitcoin and its ilk this season. The findings of the report have been discussed at the upcoming assembly in January 2019.

In March 2017, the government had constituted a task force on precisely the exact same problem but its findings weren’t published.

No clarity

The sector has been ruling that the lack of a very clear set of regulations that have kept investors. The combined signals from the authorities have just made things worse.

For example, a statement in October in the authorities suggested they are taking a look at banning using cryptocurrencies in India. On the other hand, the legal records filed in November revealed the government is still attempting to select between a ban or regulations.

Also Read: White Hat Hackers earned $878,000 from Crypto Bug Bounties in 2018 says report

Meanwhile, the Reserve Bank of India (RBI) has stifled the business, forbidding banks from managing virtual money exchanges and dealers. The market, on its part, has obtained the RBI and the other government agencies into the courtroom.

The ecosystem was pinning its expects on 2019 and anticipating a better set of criteria and also for the courts to have a call. It’s been a very long wait indeed.

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