The legislature of India has been perched on a digital currency draft bill since it was submitted to the account service early a year ago. Entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019,” the report was drafted by a between ecclesiastical advisory group headed by previous Finance and Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg.
While no proper declaration with respect to the advancement of the bill has been made, a few media reports recommend that interview has started on this bill. To set up the veracity of this news, legal advisor Mohammed Danish, prime supporter of Crypto Kanoon, recorded a RTI application with the Department of Economic Affairs.
In its short answer dated July 13, the Department of financial undertakings composed:
“The government has set up inter-ministerial committee (IMC) for examining the issues of cryptocurrencies under the chairmanship of Secretary (EA).” The letter continues:
“The report of the IMC on VCs [virtual currencies] has since been submitted by its members, but is awaiting approval of the government. The report and bill now be examined by the government through inter-ministerial consultation by moving a cabinet note in due course.”
Danish disclosed to distribution on Wednesday that “The current bill thinks about a sweeping restriction on everything identified with digital forms of money.” He included that the IMC proposition
In any case, he featured that the DEA utilized “government” in its RTI answer to allude to the Ministry of Finance, and not “Parliament” or “Bureau Secretariat.” This “implies this crypto bill doesn’t adjust as per the general inclination of the fund service,” the Crypto Kanoon fellow benefactor opined.
What’s more, he accentuated that it is “muddled and very pre-adult” to anticipate what the Ministry of Finance will do, including whether significant changes will be made to the bill to dismiss the possibility of a total restriction on cryptographic forms of money, for example, bitcoin. In any case,“it seems that the Ministry of Finance does not want to proceed with this crypto bill for parliamentary clearance in the present form,” Danish believes, elaborating:
“If the govt. decides to pass a law banning crypto, this law can be challenged by crypto business, traders, or enthusiasts based on various rights available to them under the Constitution.”
Specifically, Danish pointed out that “They can challenge this law before the supreme court under Article 32 and before high courts under Article 226 of the Constitution.”