India to unveil draft cryptocurrency regulation in December

According to the news publication Quartz, a working group tasked by India's finance minister to prepare regulations and recommendations regarding the blockchain industry and the activities of companies in the cryptocurrency sector is expected to unveil the bill next month.

In a statement filed in the Supreme Court in connection with the proceedings in the case of cryptocurrency exchanges against central bank ban on servicing crypto companies, the Indian executive authorities commented on their position as follows:

We are making every effort to develop a draft report and a bill on the use of digital currencies and distributed ledger technology in the Indian financial system.

The statement also said that the bill and report will be submitted to members of the intergovernmental committee of the Ministry of Finance for consideration.

The country's Ministry of Finance has formed an intergovernmental committee tasked with studying the global regulatory framework for cryptocurrencies. The committee, which includes India's tax, budget and economic ministries, as well as representatives of the Central Bank, has the mandate to propose measures to develop a regulatory framework for cryptocurrency-related activities in India.

The banking ban has forced many exchanges to leave the country. Perhaps the new regulation will contribute to the development of the crypto industry in the country.

According to ccn.com