Final report on cryptocurrency ready, soon to be submitted to the Finance Minister: SC Garg

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Updated: May 30, 2019 6:32:49 PM

After one year of panel formation on cryptocurrencies, a draft report would soon be submitted to the Finance Minister, Subhash Chandra Garg said.

The Reserve Bank of India (RBI) last year barred regulated entities from offering services to any individual or business dealing in cryptocurrencies.

After one year of panel formation on cryptocurrencies, a draft report is ready to be submitted to the Finance Minister, Subhash Chandra Garg said on Thursday at an ASSOCHAM event. A committee headed by finance secretary was asked by the government in 2018 to finalise a report on  draft regulations on virtual currencies. The Reserve Bank of India (RBI) last year barred regulated entities from offering services to any individual or business dealing in cryptocurrencies. Before coming up with the move, the RBI had given three months to the regulated entities including banks to unwind their positions with the entities related to the virtual currencies. The decision was taken by the central bank following other governments across the globe stepping up scrutiny of digital currencies due to their unregulated nature.

Even as the report on cryptocurrency would be submitted in the coming days, there is no report yet from expert committee on economic capital framework (ECF), Subhash Chandra Garg said. A panel led by former RBI governor Bimal Jalan was set up to decide the appropriate capital reserves that the central bank should maintain. “There is no report as yet, they are still discussing, they have three more months, so the discussion is still on and the next meeting of the committee is on June 13,” said Subhash Chandra Garg.

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Subhash Chandra Garg also said that the government may experiment with anything which has the potential of doing good service. “There is one connected issue with data, all of this would be based on availability of data, there has been some discussion going around how do we balance the concerns of data use, privacy aspect and protection of critical financial information etc.”, he added.

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