December last year, the government had set up a panel headed by Garg to examine a framework for regulating crypto currencies. Other members of the panel include Securities and Exchange Board of India chairman Ajay Tyagi and Reserve Bank of India (RBI) deputy governor BP Kanungo.

The committee is likely to submit its report by December, defining the broad contours of a regulatory framework for crypto assets and virtual currencies.

The panel is in the last stages of deliberation and will come out with the government’s approach covering the entire spectrum.

The government is of the view that unregulated crypto assets should not be allowed to move into the financial system. The Garg-panel is likely to recommend appropriate amendments in existing laws, defining the punitive measures for those found holding illegal crypto assets.

News source: https://www.moneycontrol.com/news/business/economy/holding-unregulated-crypto-assets-like-bitcoin-in-india-could-attract-punishment-3047991.html

Banking ban has already weakened the crypto scene in India and the court trial is getting delayed every single time. Now if they start taking punitive actions, it will put the last nail on the coffin of cryptos in India!

What ways can we take if such useless bills become a law in December? Any thoughts??