Will India Create Regulatory Clarity For Bitcoin?
Perhaps plans around the digital rupee will enlighten India’s government, helping the legal stance of builders for bitcoin.Indian founders working on bitcoin exchanges and traders face a whole gamut of questions every day, ranging from “Will I be arrested?” to “Will my company be shut down?” to “Will my bank accounts be frozen?” Understanding the country's regulations and navigating the legal roller coaster can be tricky. To illustrate, the following timeline of events pertaining to the country's stance on regulating bitcoin from the past couple of years is revealing.In 2018, the Reserve....
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A number of Indian Bitcoin companies have come together to form the Digital Asset and Blockchain Foundation of India (DABFI). Bitcoin has been remarkably gaining ground in India after the botched up demonetization carried out by the Indian government in November 2016. According to the Times of India, Nishith Desai Associates, an international law firm has been hired to develop “self-regulations” for the industry. No clear regulatory framework in place. The new for self-regulation for the industry arises primarily because there is still no clarity on the legal status of Bitcoin in India. As....
The founder of FTX exchange thinks the crypto industry will enjoy an increased rate of institutional adoption as regulatory clarity improves around the world. FTX crypto exchange founder Sam Bankman-Fried is optimistic that clarity provided by regulators around the world will stimulate institutional adoption rates for crypto this and subsequent years.In a Jan. 3 interview with Bloomberg, SBF talked about crypto regulations, institutional adoption, and the Metaverse. Despite the rocky end to 2021 for markets, SBF is “optimistic” about 2022.“The things that make me optimistic basically are....
India has been in the headlines lately concerning the cryptocurrency Bitcoin and blockchain technology. Just recently the Reserve Bank of India (RBI) said that blockchain technology would “transform financial markets,” which is a good sign for the region. The country is very tech oriented and much of the globe’s IT workforce is from India. However,....