It looks like the decision on banning/regulating cryptocurrencies in India is going to be made public soon. An RTI filed by the folks at Coin Crunch India asking whether a complete ban is being planned on cryptocurrencies or not has been rejected by the Department of Economic Affairs (DEA). The reason provided for rejection is that the deliberations are now over and the information is to be made public soon. In short, after the new government is formed we may find out what has been planned on this front by the Garg committee of Finance Ministry.
If you remember, a media report that came last month had suggested that the government (specifically Department of Economic Affairs) is planning a complete ban on cryptocurrencies. In response to that report Coin Crunch had filed an RTI with DEA and asked if DEA is the part of consultations going on regarding cryptocurrencies, and if a complete ban is being considered by the authorities. And DEA rejected the RTI citing section 8(1)(i) of RTI Act. Given below is what that section actually says:
“Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, cabinet papers including records of deliberations of the Council of Ministers, Secretaries and other officers: Provided that the decisions of Council of Ministers, the reasons thereof, and the material on the basis of which the decisions were taken shall be made public after the decision has been taken, and the matter is complete, or over: Provided further that those matters which come under the exemptions specified in this section shall not be disclosed;”
It’s unfair how cryptocurrency community is being kept in the dark for such a long time, but we can still hope for a positive outcome. The Supreme Court is set to hear RBI vs. Crypto case once again on 23rd of June, and there’s a chance that the Court may ask the government either to make its policy public or the ban may be reversed by the Court itself. So let’s see what happens in the coming days!