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India will introduce rules for the regulation of cryptocurrencies until March 31

Ongoing for three years «of Indian cinema» with the regulation of cryptocurrencies, accompanied by contradictory statements of different officials seem to be coming to an end. According to the statements of the Secretary of the Ministry of Finance of India on economic Affairs Subhash Chandra Garg(Garg Subhash Chandra), the government plans to develop rules for the regulation of cryptocurrencies to the end of the fiscal year, which ends March 31.

«We hope that in the course of this year will complete work on the documents. Then you will need appropriate changes in legislation and regulatory requirements. The new rules will be developed by the end of the fiscal year,» said the official.

India has two committees, created by the government to study the impact of cryptocurrency market on the economy and the development of appropriate recommendations, one of which is headed by Subhash Chandra Garg:

«Cryptocurrency exchanges operating in the country, are not regulated as exchanges, and in some way, samoustraniajutsia and samoreguliruetsja. There are no legal and legislative requirements for KYC. Transaction records also are not conducted» — said Subhash Chandra Garg.

Jatli Arun (Arun Jaitley), the head of the Ministry of Finance of India in its annual speech made a statement that the government do not accept the cryptocurrency as legal tender. A similar view is shared by the Reserve Bank of India.

Tax authorities of India is also closely watching the development of cryptocurrency market in the country. Was organized large-scale validation cripture, in which traders are sent out with the tax notices with the requirement to pay the appropriate tax.

On the background of these events, the largest cryptocurrency exchange of India wrote to the government asking for a speedy determination of their tax status.

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