In lieu of the recent statements given by Mr. SC Garg (Secretary, Department of Economic Affairs, Ministry of Finance) coming future could be massive for crypto currency in India. This even more so due to a sudden ban imposed by RBI on regulated banks barring providing services to any individual or entity dealing with Crypto Currency in the country.
Mr. Garg said- We are fairly close to developing a kind of template which we think might be in the best interest of our country. We have prepared a kind of draft that we intent to discuss with the committee members in the first week of July. We actually moved quite a lot in that, what part of this business should be banned, what should be reserved and what not. That kind of lot of detailed work has happened and now we should be in a position to wrap that up in the first fortnight of July.
The period of Feb to July 2018 has witnessed many up and downs and July is possibly going to the most interesting month for India for cryptocurrencies, few upcoming events will make or break the future of the crypto industry in India.
It will be interesting to see whether he lives up his beliefs and statements or this is just another dummy policy of the government. Below are some of the important dates for July.
July 3 – Supreme Court will hear the appeal of IAMAI against RBI’s virtual ban on Cryptocurrency
July 5 – The deadline for Banks to close ties with crypto exchanges
By July 15 – Garg Committee to submit its report on Cryptocurrencies
July 20 – Supreme Court will hear the appeal to ban, regulate or allow cryptocurrencies in India
