Indian crypto regulatory report has shaken up crypto startups, investors and enthusiasts of the country. While July 23 hearing was the most-awaited date for Indian crypto community, the case was then listed on July 24. However, this also not seems fortunate enough for Indian crypto community as India has released a new tentative date of hearing – August 2nd.
Case is listed tomorrow as item no. 24 now. pic.twitter.com/OZx1wV6Enf
— Crypto Kanoon (@cryptokanoon) July 23, 2019
10-year jail bill report turned out to be a clue to the current happenings in India. While crypto community doubt on the Bloomberg report for not sharing complete clause of the draft bill, it has made officially available on July 23 on the public domain. The Inter-Ministerial Committee led by Subhash Chandra Garg who is the secretary, Department of Economic Affairs (DEA) has finally submitted the crypto-matter report to the Finance ministry by recommending a ban on cryptocurrency in India.
Next Hearing – August 2nd (Tentative Date)
While it sees as a bill recommending the ban, the community is eagerly waiting for a final decision from Govt of India. However, Coingape has recently been informed that the hearing has set for early next month. Accordingly, the similar report is now available on social media, wherein prominent leaders of Indian crypto community, Varun Sethi, a blockchain lawyer shared the next “tentative date of hearing is August 2nd”. It’s worth to note that the date is still a temporary one which may change by the end of the day today.
— Varun | Blockchain Lawyer (@Blockchainlaw91) July 24, 2019
The fear of bitcoin announced as illegal in India began the day RBI instructed country’s banks to restrict their services to any individual or companies dealing with cryptocurrencies. However, the community found its way to trade and evolve in the crypto industry via p2p exchanges and few traders followed international exchanges.
Despite stern regulatory statements from policy-makers, few believers never stopped convincing Govt and requesting for positive statements on crypto matters in India. One such instance is #IndiaWantsCrypto campaign started by Nischal Shetty, CEO of WazirX, India’s cryptocurrency exchange.
As for now, the Govt is yet to declare its final decision on #CryptoVsRBI ban and the tentative date is declared as August 2nd, 2019.
Keep updated with Coingape to know more about crypto matters in India
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com