Next month, the Indian authorities intend to submit a draft of the regulatory framework for regulating the cryptocurrency industry, where they will indicate their attitude to the use and exchange of digital assets in the country, reports Quartz.
It is expected that in December, a commission formed by the Ministry of Finance a year ago will present a draft law on virtual currencies and the use of distributed registry technology in the financial system, as well as a “legal basis for digital currencies in India”. Information about this appeared during the trial of representatives of the cryptocurrency industry, who consider restrictions on their activities illegal, with local authorities.
…currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India. The draft report and bill will be circulated to members of IMC (inter-ministerial committee). Thereafter the next meeting of IMC will be held so that discussion can take place on the draft report and bill. It is expected that the draft report will be placed before the IMC by next month.
There's no information on mining regulation in the upcoming bill.
Earlier this year, the Reserve Bank of India banned regulated financial institutions from servicing companies operating in the cryptocurrency sector, which led to significant changes in the local industry.