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India to introduce new crypto rules in July

26 June 2018 21:00, UTC

Indian officials have told the press that new regulations for the cryptocurrency business would become known to public at the beginning of July. The press cites the statement made by Subhash Chandra Garg, the Finance Ministry Secretary of Economic Affairs. According to the official, a new set of rules is made ‘in the best interest’ of India.

The press also reminds about his previous statements: while the government high-ranking manager thinks that Bitcoin and other crypto assets are not currencies, he admits that some people may find actual value in these financial phenomena.

In the past, India’s authorities have shown to be quite skeptical about cryptocurrencies, with the Ministry of Finance openly recommending a ban on the whole sphere. The April notice of the Reserve Bank of India tells that banking organizations should not provide services for ‘virtual currencies’ due to the high level of money laundering in this field.

New rules are likely to be consistent with the previous policy, although Subhash Chandra Garg implied that some businesses are going to be prohibited and some are not. The actual division and the reasoning behind it remains to be seen.

Image: Mohd Zakir / HT PHOTO