Govt may set up new panel to study Crypto Regulations

The government may form a fresh panel of experts to study the possibility of regulating cryptocurrency in India this comes with the prevailing view that the recommendations by a committee headed by former finance secretary Subhash Garg in 2019 for a blanket ban on these assets had become outdated.

The new committed ambit could be to explore the use of block chain for technological enhancement and suggest ways to regulate crypto as digital asset instead of currency the committee May also be asked to study ways to operationalize the RBI proposed digital Rupee there is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at use of crypto rather than a total ban an official in the know of the matter said.

These discussions are at an early stage and no formal resolution has yet been past the finance ministry was monitoring the growing volume of cryptocurrency trading in India and is talking to stakeholders on potential supervisory risk.

The Minister of  finance and corporate affairs Anurag Thakur had earlier met with the members from the crypto and banking industry forum in this regard Thakur is among the dozen or so names under consideration who may be part of the committee which could also have representations from the opposition party economic times could not however independently verify the composition of its members finance minister team is expected to brief her later this month around ongoing development in cryptocurrency space amid a massive transaction on crypto exchange on sustained retail demand another source said email to the Ministry of finance and the office of Anurag Thakur did not elicit responses till press time Tuesday

oth finance minister and Thakur have in recent months said publicly that the government would take a calibrated approach in regular rating cryptocurrency rather than impose an out right ban the cryptocurrency and regulation of official digital currency bill 2021 was scheduled to be tabled in budget session of parliament in March however it was deferred for the reason not made public Legislation will be tabled in the upcoming monsoon session the draft bill is based on the Garg committee recommendations

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