Indian government panel to finalise report on cryptocurrency regulation soon, confirms RTI

Cryptocurrency enthusiasts in India are constantly faced with a deluge of conflicting information in the mainstream media about cryptocurrency regulations. There was a CNBC Awaaz report which said that the government committee has recommended a ban on Bitcoin and other cryptocurrencies whereas The New Indian Express report said that the government committee is in favour of regulating cryptocurrencies. Which one should we actually believe in?

In a bid to uncover the actual facts, Coincrunch recently filed an RTI application with the Department of Economic Affairs where they asked three questions:

  • Has the government panel submitted the report to the Ministry of Finance?
  • Has the panel recommended a ban on Bitcoin?
  • Can a copy of the committee report be provided to them?

They just received a one line response which said:

“The report of the Committee is under finalisation stage, hence, prohibited under section 8(3) of RTI Act, 2005.”

Response to the Coincrunch RTI application

This clearly shows that nothing has been finalised yet by the government panel on cryptocurrencies led by Subhash Chandra Garg. This gives us hope that the government may still be looking at regulating cryptocurrencies in line with the more progressive crypto regimes across the globe.

The mainstream media also needs to be more careful while publishing information on cryptocurrencies. We urge Indian crypto enthusiasts to rely on information provided by sources like Crypto Dost and Coincrunch instead of the mainstream media.

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