Since leaked information regarding India’s cryptocurrency bill emerged, there have been constant discussions about what it entails. Four different government bodies have been asked about their involvement in the drafting of the bill. South Korea went through a similar situation, causing confusion to the public.
RTIs Filed Seeking Answers
Since local media started reporting on the leaked information of India’s unannounced cryptocurrency bill, numerous discussions have ensued over what it entails.
A number of Right to Information (RTI) applications have been filed regarding the proposed regulation and, so far, four different government bodies have replied. They are from the Department of Economic Affairs (DEA), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs (MCA).
These RTI applications were filed in response to media reports of a draft bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019,” which two major Indian news outlets, The Economic Times and Bloombergquint, reported on. News.Bitcoin.com recently provided a preliminary analysis of the bill’s leaked content.
Background – Who Is Actually Drafting the Bill
The Indian Ministry of Finance has explained several times that an interministerial committee under the chairmanship of Subhash Chandra Garg, Secretary of the Department of Economic Affairs and Finance Secretary, had been constituted with representatives from concerned departments to consider all aspects of cryptocurrency. The committee would then produce a report with recommendations for the country’s regulatory framework for cryptocurrency.
India’s Finance Secretary Subhash Chandra Garg.
Replying to questions from Lok Sabha on Dec.