Final report on cryptocurrency to be submitted to FM soon

Final report on cryptocurrency to be submitted to FM soon

Agency News

New Delhi/Kolkata, May 31: While the final report on cryptocurrency would soon be submitted to the Union Finance Minister, there is no report yet from expert
committee on economic capital framework (ECF), finance secretary Subhash Chandra  Garg said at an ASSOCHAM event held in New Delhi on Thursday.

“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
Garg while addressing an ASSOCHAM Fintech Summit.
The government had last year formed a panel headed by Garg to finalise a report on draft regulations on cryptocurrencies. While a high-level panel led by former RBI
governor Bimal Jalan was set up to decide the appropriate capital reserves that the central bank should maintain.
Noting that while emergence of technologies in digital payments space has made it fairly easy, safe and seamless, Garg said, “Other than payments, lot of other services
would also use the emerging technologies, but we would have to be very careful in making that happen, that’s where the whole issue of regulatory sandboxes come.”

He said that government and regulators are very much open to those ideas, products and technologies from industry like regulatory sandboxes. “If in the system you find that
there is some reluctance or hesitation in testing something which is very genuine, please bring it to the notice of the regulators and government, I think that would be taken care of.”