In today’s cryptocurrency news update, we look at an interesting report published by The New Indian Express which has revealed that India is likely to issue guidelines to regulate cryptocurrencies by September. The Indian government is consulting stakeholders like the RBI, SEBI and IAMAI and a detailed paper is expected to be released by September. This was revealed by a senior official from the Finance Ministry off the record. If this turns out to be true, September will become a significant month for cryptocurrencies in India as the Supreme Court hearing on the RBI petitions is also on September 11th. This piece of news will come as great relief to the Indian crypto community which has been on tenterhooks after the RBI banned banks from dealing with cryptocurrency exchanges.
Off late, the Indian government has been sending out positive signals regarding cryptocurrency regulation. Yesterday, the Law Commission of India had treated cryptocurrencies on par with other recognized forms of payment. Last week, an unnamed government official had revealed that India may treat cryptocurrencies as commodities. Let’s hope the Indian government comes up with a regulatory framework for cryptocurrencies according to the proposed timeline.