The Indian government has officially released the report by the interministerial committee tasked with proposing crypto measures. The announcement came one day before the country’s supreme court was scheduled to hear the writ petitions against the crypto banking restriction. The report contains the draft bill which proposes a ban on cryptocurrency.
Draft Bill Now Public, Supreme Court Hearing Delayed
The Indian supreme court was scheduled to hear the crypto case on July 23. It was expected to address the banking restriction by the central bank, the Reserve Bank of India (RBI). However, the case was not heard by the court on Tuesday.
On Monday, the Ministry of Finance published the long-awaited crypto regulatory report by the interministerial committee under the chairmanship of Secretary of Economic Affairs Subhash Chandra Garg, who is also the country’s finance secretary. The ministry confirmed that the “Report of the committee to propose specific actions to be taken in relation to virtual currencies” has been submitted to the government. It contains the draft “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.”
The Ministry of Finance’s announcement reads:
This report and draft bill will now be examined in consultation with all the concerned departments and regulatory authorities before the government takes a final decision.
The report discusses distributed ledger technologies (DLTs), virtual currencies, initial coin offerings, a digital rupee (central bank digital currency), the potential uses of DLT for financial services, and recommendations for both DLTs and cryptocurrency. “The mandate of the committee has been to study various issues pertaining to virtual currencies and to propose specific actions that may be taken in relation thereto,” the report describes.