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​India is on track to regulate digital currencies in 2019

2019-01-08 03:20 pm | Resource: News Section | No Views : 100

​India is on track to regulate digital currencies in 2019 It seems that 2019 will be a happy year for digital currency investors in India, where the digital currency contract can be legitimized in the country soon.
According to the New Indian Express, a government committee has already met to discuss the matter, and a report is likely to be submitted to the country's finance ministry next month. A source who declined to be named said the digital currency legislation in India would occur under strict conditions. :
"We have already held two meetings. There is a general consensus that digital currencies can not be ignored as completely illegal. They must be legitimized with riders from deliberations. We will have more clarity soon."
Apart from holding meetings, the Interdisciplinary Group consulted with experts and exchanges and is now planning to deliberate on legal matters with the Ministry of Law.
The Interministerial Committee was formed last year, the second focusing on the regulation of encoded currencies. It was formed after the first government committee set up to deal with the issue of digital currencies in March 2017 recommended a total ban on digital assets in the world's second-largest country. Where the population later that year.
After the recommendation by the first group, the Reserve Bank of India went to declare illegal digital currencies and thus prevented all financial institutions regulated by the Central Bank of India from providing services to commercial companies operating in that area. The current inter-ministerial committee was formed after the appeal In the total ban in the Supreme Court.
The members of the First Committee include the Central Bank of India, the Indian Reserve Bank, the Ministry of Finance, the Ministry of Internal Affairs, the Ministry of Electronics and Information Technology, the National India Conversion Corporation (NITI Aayog), the State Bank of India and the Central Council for Direct Taxes, while the second group attracts members from the same institutions In addition to the Securities and Exchange Board of India.

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