Contradictory reports on crypto regulation from India-regulation
Contradictory reports on crypto regulation from India-regulation
Since the Indian government has submitted a law on cryptocurrencies, which is to be adopted in parliament during the upcoming session next week, a lot has been discussed as to whether the government will ban cryptocurrencies such as Bitcoin and ether.
crypto regulation comes, but there are contradictory accounts about what is included
Indian crypto legislation is closer. The Indian government has A cryptocurrency calculation in Lok Sabha, the lower house of Indian parliament, for the Monday, on Monday, the winter meeting, which starts November 29th, is to be negotiated.
The draft law entitled "The Cryptocurrency and Regulation of Official Digital Digital Currency Bill 2021" aims to "prohibit all private cryptocurrencies in India, but allows certain exceptions to promote the underlying technology of cryptocurrency and their use.
There was a lot of discussion about whether the Indian government will be forbidden cryptocurrencies like Bitcoin ( btc ) and ether ( eth ).
The crypto law itself was not published and the government has not submitted any official statements on the bill. However, many publications and industry insiders speculate and quote various sources familiar with the matter.
Kumar Gaurav, the CEO of the crypto banking platform Cashaa, tweeted on Wednesday:
I just have a call with a few high -ranking officials from MOF [Ministry of Finance]. There is no complete ban, but the direction is to regulate crypto in harmony with FATF [Financial Action Task Force] guidelines.
Gaurav added that crypto will be a investment class regulated by the Securities and Exchange Board of India (Sebi) and that Krypto exchanges have to obtain licenses from the regulatory authority. "All positive notes," he wrote.
Avinash Shekhar, co-CEO of the Indian cryptocurrency exchange Zebpay, told CNBC:
I believe that we will have a coherent regulation, but on the harder side.
Shekhar said: "There were many positive vibrations from the government. We met with the Finance Committee of Parliament about two weeks ago ... The message or the sensors we get from the government is that they are looking for a kind of regulation - a strict regulation, but not a complete prohibition."
Tanvi Ratna, CEO of Policy 4.0, commented: "Yes, it is expected that the government itself will say goodbye in this session. However, it cannot be complete legislation ... it is expected that some basic coins such as btc , eth etc. could be allowed in any form. ”
However, some media have reported that the government is planning to ban all cryptocurrencies and only regulate the digital central bank currencies that are issued by the central bank, the Reserve Bank of India (RBI).
Priyanka CHADVEDI, a member of Rajya Sabha, the upper house of parliament, commented on the news of the Indian government to ban cryptocurrencies via Twitter:
If that is true, this is a recipe for a disaster that India does not need. The ban on all private cryptocurrencies basically destroys the space - and deprives India to create an ecosystem for New Age Fintech.
The Blockchain and Crypto Assets Council (Bacc) of the Internet and Mobile Association of India (Iamai) published an explanation on Thursday that "a blanket prohibition of cryptocurrencies will encourage non -state actors, which leads to an illegal use of such currencies".
Last week, the Indian Prime Minister Narendra Modi asked all democratic countries to work together in cryptocurrency to "ensure that it does not get into the wrong hands what our youth can spoil". He also led a comprehensive meeting on the subject of crypto. In addition, India's parliamentary constant finance committee held a meeting with representatives of the crypto industry.
Do you believe that India will ban cryptocurrencies like Bitcoin? Let us know in the comment area below.
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