The official word on the cryptocurrency report is out! The committee led by finance secretary Subhash Chandra Garg has prepared an official report on cryptocurrencies and is ready to submit it to the newly appointed Finance Minister Nirmala Sitharman.
At an ASSOCHAM event earlier this week, Garg confirmed that the draft report is ready to be submitted to the Finance Minister. Interestingly, last week there were reports that the cryptocurrency committee has already submitted a report to the government last month, including a draft of the proposed crypto regulatory framework. There were also talks that the bill may be tabled in the Parliament as early as the upcoming Budget session.
The news comes ahead of a G20 meeting later this month. The G20 member countries have called for a more progressive regulatory approach. In addition, the Supreme Court hearing on the RBI cryptocurrency case slated for hearing on July 23rd is also expected to have a big impact on cryptocurrency regulations in India.
The good news is that the official cryptocurrency report is now ready. The Indian cryptocurrency community now awaits the public disclosure of the report. We can only hope that the new Finance Minister with her Economics background will take a more open approach towards cryptocurrencies.
(Image Credit: Descryptive.com)