It is reported that the aim of the Indian Food Ministry is to release the National Code Exchange by June this year, six months later than the target planned for December 2022.

According to local reports, Trade Secretary Zulkifli Hasan shared the release date of the new target at the opening ceremony of the Philippine Crypto popularity month on Feb. 2, stressing that the government is now checking what companies are in line with the rules for becoming part of the exchange.

There are now five dynamic password exchanges applying for registration with the country's regulatory body, and according to Zulkifli, the ministry's password exchange is likely to include all of them.

As these exchanges are now providing assistance for all transactions in our country, the Ministry's exchanges will act as local password market clearing centers and fund custodians.

The clearing house is essentially a mediator between the buyer and the seller to ensure the smooth conduct of the transaction. In addition, the role of custodian will enable it to manage the mobility of property between the two sides of the method.

The trade minister urged the public to be more patient with the national password exchange, saying: "Don't worry, because it may not be ready, things will become a mess." The government doesn't want this to do great harm to the public, so people don't know much about (password trading).

As reported by Cointelegraph, India plans to create a password exchange by the end of 2022, but has been delayed due to some obstacles.

At this stage, the country's encrypted assets are traded with commodity spot contracts and then regulated by the Futures Trading Regulatory Organisation (Commodity Futures Trading Regulatory Agency), also known as Bappbti, but after the establishment of a national exchange, regulatory authority will be transferred to the Financial Information Services Management (FSA).

The regulatory change should be in response to the password policy regulation approved on December 15th, which treats passwords and other digital currencies as regulated financial funds.

On December 5th, Indian President Perry Vajillo announced that a central bank digital currency on the launch of the plan would become the only legally compliant digital currency in the country.