India Has New Plan to Regulate Cryptocurrencies: Report
India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” according to a report. How India Will Regulate Cryptocurrencies India is reportedly planning to regulate cryptocurrencies as commodities based on use cases. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,”....
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A report suggests that India’s new crypto bill will aim to regulate “private cryptocurrencies,” rather than banning them. India’s Crypto Bill Will Regulate All Private Cryptocurrencies Earlier, there were reports that the nation may be planning to ban all “private cryptocurrencies,” and allow only certain exceptions like the country’s own Central Bank Digital Currency (CBDC) […]
A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens cryptocurrencies to Ponzi schemes, emphasizing that they cannot be regulated. “It would be futile to regulate cryptocurrencies,” he claims, stating that they should be banned. RBI’s Deputy Governor Sees Crypto Ban as ‘the Most Advisable Choice Open to India’ A deputy governor of the Reserve Bank of India (RBI), T. Rabi Sankar, shared his view on cryptocurrency and what Indian crypto policy should be during his keynote address at the Indian Banks Association 17th....
By now, we have already heard that both China and France have issued public warnings against digital currency bitcoin. The next country that might jump on to the bandwagon is India, according to an IndiaTimes report. The concern is the very selling point of bitcoin - the fact that it isn't regulated or controlled by a central authority. In addition, officials think the public are subject to being scammed (as if to say the whole bitcoin ecosystem is a ponzi scheme). "At least a public advisory may be issued soon to warn against possible risks associated with Bitcoins," said a senior....
Just recently, RBI deputy governor KC Chakrabarty offered a statement regarding Bitcoin regulation in India. "Regulation comes only when people are doing certain business and we come to understand that something wrong is happening. First of all we don't understand this subject... But, at present, what we are saying is neither we regulate them nor we support them...Whether it is... legal or illegal, we don't know. If it crosses the limit of legality then people may face a problem. So people should be cautious, should understand." There are simply so many things wrong with this statement.....
India is no longer planning to ban cryptocurrency, a cabinet note circulated by the government reportedly indicates. Activities relating to crypto assets will be regulated by the Securities and Exchange Board of India (SEBI).
Crypto Will Not Be Banned in India, Cabinet Note Indicates
Despite reports of the Indian government planning to ban cryptocurrencies, NDTV reported Thursday that a cabinet note circulated by the government indicates that cryptocurrencies, like bitcoin and ether, will not be banned.
Emphasizing that cryptocurrency is not recognized as legal....