India: Finance Secy claims crypto report is ready; WazirX CEO says it’s ‘too early’ for regulations

India would soon be deciding the fate of cryptocurrencies in the country; Subhash Chandra Garg, the Finance Secretary, said that the report pertaining cryptocurrency regulation was ready and would soon be submitted to the Finance Minister, cited by Business Standard.

Garg said:

“We will submit it to the finance minister (soon). Of course, once the approval is done, it will be made public.”

Subhash Chandra Garg was heading a committee to understand cryptocurrencies and decide regulations for the same. The previous hearing with the Supreme Court on March 29 was supposed to provide the crypto community some clarity on the status of crypto in the country. However, the case was adjourned.

As the newly appointed Finance Minister Nirmala Sitharam approves the said document, it will be made public, cited the report.

The Chief Executive Officer of WazirX Nischal Shetty added that once the draft becomes public, the government should consider the views of people in the crypto-space. He added:

“Inviting the crypto industry for comments on the new draft is very important since crypto is a relatively new field with less domain knowledge in the country.”

Even though regulations would ensure the protection of investors from fraudulent activities and help businesses grow, it’s imperative that the regulations are levied over time and not right away, he said. Shetty further added:

“I honestly think it’s too early to implement any regulation in this space. Every nation is working with drafts and recommendations with its industry participants. So while the draft is good for the industry, it shouldn’t be implemented without trialing it out in a sandboxed manner.”

The Supreme Court of India is scheduled to listen to the ‘Crypto Vs. RBI’ case in July 2019.

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