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Ajay Tyagi, the Chairman of Securities and Exchange of Board of India told the rules on cryptocurrencies and the role of regulators on the same should be out soon.
India next to finalise the Rules and Regulations for virtual currencies
Amidst the growing concerns about the investors’ security, volatility in bitcoin prices and countries struggling to regulate cryptocurrencies all over the globe, Ajay Tyagi, the chairman of Securities and Exchange Board of India (Sebi), said the regulations on cryptocurrencies should be out soon. Moreover, he mentioned that the role various regulators will be playing is getting finalised.
On Saturday, the Chairman was quoted as saying to the reporters:
“The day Budget was presented, on the next day itself, we have requested DEA (Department of Economic Affairs) to call a meeting of that very quickly…We want first a policy to be framed…We have actually decided that which regulator will do what and we want that the committee should come out with the regulations very quickly and we will fully contribute to this.”
At the beginning of this month, Arun Jaitley announced that cryptocurrencies are not a legal tender and further talked about the committee that is being set up to examine the digital currencies. He also explained that any decision on the same will be taken only once the committee releases its report.
