In the last update for 2018 Quartz India has a report that tells us that the Indian government isn't rushing the regulations. We've also had CNBCTV18 and New Indian Express with their speculative stories earlier in this month. It's getting harder to trust the media in India but we'll examine the current report nonetheless.
“In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations,” Pon Radhakrishnan, the minister of state for finance, told the Lok Sabha, the lower house, on Dec. 28 in a response to a question posed by fellow parliamentarian.
As things stand there won't be any change of status on cryptocurrencies in India. Currently they are neither banned or legalised and continue to remain in a grey area where one can possess and trade but not use them to pay for goods or services within India as they are not legal tender.
Garg committee was supposed to submit its draft report this month but then again there is no official word on that yet.
The next hearing is on the 15th of January at the Supreme Court in the ongoing case against the RBI. It's a matter of time when we find out what the verdict will be.
However, as things stand today there is no regulation neither is the government pushing for it. Who knows what 2019 will hold. We're just going to have to wait it out.
Further updates will come as the situation unfolds. However it's clear that the entire ecosystem is dependent on the outcome of this regulation and it will decide the fate of the cryptocurrency space in India.
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