The Indian government has confirmed in a Right to Information (RTI) reply that the inter-ministerial committee’s cryptocurrency bill is “awaiting approval of the government.” The bill is currently being examined by various ministries, reports.

The government of India has been sitting on a cryptocurrency draft bill since it was submitted to the Finance Ministry early last year. Entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019,” the document was drafted by an inter-ministerial committee headed by former finance secretary Subhash Chandra Garg.

While no formal announcement regarding the progress of the bill has been made, some media reports suggest that consultation has begun on this bill. To establish the veracity of this news, lawyer Mohammed Danish, co-founder of Crypto Kanoon, filed an RTI application with the Department of Economic Affairs.

In its short reply dated July 13, the department wrote: “The government has set up inter-ministerial committee (IMC) for examining the issues of cryptocurrencies under the chairmanship of Secretary (EA).”

The letter continues: “The report of the IMC on VCs [virtual currencies] has since been submitted by its members, but is awaiting approval of the government. The report and bill now be examined by the government through inter-ministerial consultation by moving a cabinet note in due course.”

(Excerpt) Read more Here | 2020-07-31 07:00:00
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