Bitcoin.com carried out this article which is based on New Indian Express's piece suggesting that Indian crypto regulation will be ready by September.
Fact is that it's a hype piece at best. There is no verifiable source and even as the publication says the source is anonymous it's difficult to believe that they had any source at all.
Objectively speaking any news piece that attributes source to 'unnamed official' might not always hold water. It might be mere speculation but this type of speculation might cause grave loss to investors.
Let's face it, many people take financial decisions based on hearsay and news. If this turns out to be true then we're all in luck however knowing our government isn't in favour of cryptocurrencies this could very well turn out to be false.
Decisions based on such hearsay can cause a massive loss because after all traders and investors are the biggest stakeholders in this market. Not any media organisation trying to clickbait users into driving traffic to their website.
Bitcoin.com has a responsibility but they post such news resulting in every other media publication picking it up and spreading the word as if it were true!
Don't simply believe such news. Fact is some government agencies including RBI are not in favour of cryptocurrencies at all. They simply don't want them to exist in the first place let alone allow regulation come in and legalise their use in any way.
A draft of the regulation was expected by mid-July however it's nowhere in sight. It's not the first time that a regulatory draft has been delayed and it's unlikely that the government will make it available in the public domain so quickly even if it was ready.
We have to go with the assumption that we're facing worst case scenario and prepare accordingly.
Government of India isn't cheering in favour of decentralised cryptocurrencies. It doesn't benefit it to legalise their use or admit to their existence so much as to change the law of the land. It will take time and it will be a long battle.
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