Banking Ban Reversal? India to Finalize Cryptocurrency Regulations in July

The head of the Indian government committee tasked to propose a regulatory framework for the cryptocurrency sector has revealed authorities are close to finalizing a draft in July.

Nearly three months after the Reserve Bank of India, the country’s central bank, introduced a banking freeze on the cryptocurrency sector to adversely impact trading volumes, exchanges and investors have remained hopeful of legislation that regulates – in effect recognizes and legalizes – the industry.

Earlier this month, we reported that the Indian government committee responsible for overseeing and proposing a regulatory framework wasn’t in favor of a blanket ban of the cryptocurrency sector.

In a televised interview with India’s biggest financial news channel, the head of that government committee and the secretary of the Department of Economic Affairs Subash Chandra Garg confirmed that the authority is in the final stage of finalizing the regulatory draft framework for the cryptocurrency sector.