The new finance secretary for India has just confirmed the readiness of a new report concerning crypto regulations. This comes just some few days before the planned G20 summit. It is just a matter of days before it is submitted to the finance minister so that it can get approved.
Narendra Modi, the Indian Prime Minister appointed the new finance secretary following the resignation of the former secretary Arun Jaitley.
The Crypto Regulation Report
After close to two years of serious deliberation and analysis, the report with the recommended regulatory framework for the digital assets is now ready. The new secretary for finance has just taken over from the former secretary who resigned from his cabinet roles.
The new secretary, Subhash Chandra Garg, had earlier worked at the Department of Economic Affairs as the secretary. He had reported his readiness at a summit that was hosted by the Association Chambers of Commerce and Industry in India. The summit took place on Thursday.
Report Late By Almost A Year
This regulation of the draft was supposed to be made ready by July of 2018. According to Garg, there are certain reasons that led to the delay of that report. There is no crypto regulation that was announced although the ministry was more than committed to have it released.
In February 2019, the government shared with the supreme court that the report that had the recommendations was in the last stages. Despite all that, the report became fully ready just some few days ago.
Campaign By The Crypto Community
The crypto community in India has been campaigning to Jaitley and a host of other parliamentarians. Their two main concerns have been bringing to an end the banking restrictions and positive regulations.
In April last year, the RBI gave out a circular that prohibited the regulated financial institutions for offering services to the virtual currency businesses. Subsequently, the banks also closed their accounts of crypto exchanges. A media campaign was later started by the CEO of Wazirx, Niscahl Shetty in the past 213 days. The campaign was known as India Wants Crypto. He has stated that the campaign will continue and he will make sure that his country is at the forefront of the revolution of the crypto.
Waiting For The Formal Communication From The Government
According to Shetty, positive crypto regulation will greatly help the country. He says that this is one of the ways of creating for the youths and other residents jobs and wealth. He urged the newly appointed finance secretary to introduce nothing but positive cryptocurrency regulation.
The community is now waiting for a formal communication from the government as well as a hearing of the supreme court set for the 23rd of July. The court will also address other matters.