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#NAMABootcamp: Timeline of Cryptocurrency Regulation in India

Tanya Sadana Ikigai Law

This timeline of cryptocurrency regulation in India has been prepared on the basis of the discussion led by Tanya Sadana of Ikigai Law at our #NAMA Bootcamp on Understanding Cryptocurrencies, supported by Zebpay, in New Delhi on August 23. Ajeet Khurana from Zebpay gave industry insights. 2013 – 2017: RBI releases press releases, Finance Ministry sets up a committee December 24, 2013 – First Press Release by RBI cautioning users about risks of Virtual Currency: Virtual currencies are not backed by any central bank. Value is a matter of speculation, not underpinned by an asset or good. No trading or usage of virtual currencies has been authorised by RBI. RBI is in the process of studying the extant regulatory framework relating to cryptocurrencies in India and based on their study, they will issue further directions. February 1, 2017 – Second Press Release by RBI cautioning users, holders and traders of virtual currencies again. April 12, 2017 – Inter Disciplinary Committee set up by Ministry of Finance to study cryptocurrencies and the growth of virtual currencies July 2017 – Inter-Disciplinary Committee submits report. The Report was not made public and RTIs have also been denied as “it is of strategic importance”. “An extremely negative view came out of it [the committee], but the report was not shared.” —Ajeet Khurana August 2017 – Digital Assets and Blockchain Foundation established August 2017 – First PIL in relation to cryptocurrencies filed before the Supreme Court December 5, 2017 – Third Press Release by RBI…

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