Panel on cryptocurreny expected to submit report within the next two months

The panel on cryptocurreny, headed by Economic Affairs Secretary Subhash Garg, is expected to submit its report within the next two months. The report will contain regulations, likely in form of a draft law, on how to deal with cryptocurrencies, including bitcoin.
 
While cryptocurrencies are illegal, the government and regulators are aware of the need to set the template for a cashless future, government officials told Business Standard.
 
“Bitcoin, or any other cryptocurrency, is just an algorithm, which lacks sovereign backing, and hence fails the standard definition of what a currency should be. It is akin to a