India will soon come out with its own set of rules for bitcoin as now the roles of various regulators in regards to cryptocurrencies have already been decided, said the Securities and Exchange Board of India’s Chairman, Ajay Tyagi. According to reports, the responsibilities of various regulators have already been determined and the relevant institutions are presently giving a final touch to the comprehensive government policy on cryptocurrencies.

It also means that the threat of imminent ban that loomed over the crypto community has now been cleared off at least for the time being. According to Tyagi, the expected regulations will be revealed soon and declined to provide further details saying that it will be done by the officials after the finalization and announcement of comprehensive government policy.

The comments by the SEBI chairman have come immediately after the presentation of Budget 2018 by the Finance Minister of India, Arun Jaitley. During the budget session, Mr. Jaitley explained his government’s key policies and reiterated a previously stated position according to which cryptocurrency does not get the recognition of legal tender in India and the government will take all the initiatives to eliminate its use in the criminal and illegitimate financing activities.

Jaitley Supports Blockchain Technology In Payment Systems

According to the Finance Minister, the Indian authorities will be focusing on encouraging blockchain technology in payment systems. A recent update reveals that SEBI wants the Department of Economic Affairs (DEA) to organize a meeting on regulatory matters in a few days. It indicates that Ajay Tyagi wants the panel set up to propose a regulatory framework after analyzing the cryptocurrencies along with their implications.

Tyagi stated that they have actually decided which regulator will be doing what and hence the committee needs to come out with the regulations very fast. The SEBI chairman promised that his agency will fully contribute to this particular objective and stressed on the fact that they want a policy to be framed first.