Indian Bitcoin Industry Seeks Audience with the Government Ahead of New Rules

An industry group of Indian bitcoin and blockchain-startups have sought an audience with the government as the latter looks to plausibly outline a regulatory framework for the innovation.

The Indian government established a cryptocurrency ‘committee’ last week, one comprising of a number of officials from Indian ministries alongside representatives from the country’s central bank to research the framework surrounding digital currencies. The committee was notably co-established by the Ministry of Finance, India’s tax authority.

Pertinently, the committee is tasked toward looking into suggesting measures to curb money laundering practices involving bitcoin amid wider research about the regulatory status and growth of digital currencies around the world.  The committee’s establishment could be the first move leading to a wider legislative effort for the first time by the Indian government which has, so far, turned a cold shoulder toward bitcoin and the local crypto industry.

To aid the governmental committee in its effort, a working group of India’s bitcoin startups has stated its intent to partake in those discussions. Established in February this year, the Digital Asset

Read more ... source: CryptoCoinsNews

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