Mercurial on crypto: Will India’s latest stance lead to positive regulation?
Indian officials are switching their stance on crypto, but the country’s regulatory environment may have additional bottlenecks in store. For most of the last decade, India’s stance on cryptocurrencies has been uncertain, to say the least. The current soft ban is hurting the country’s potential every day, but recent reports suggest the country is having second thoughts.In March this year, a notification published by the Ministry of Corporate Affairs stated that companies dealing in cryptocurrencies would have to disclose their holdings to the government in financial statements.....
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India’s regulatory stance on crypto has been shaky at best and prejudiced at worst, but what is India actually doing about crypto? India’s reserve bank has long since condemned the use of cryptocurrencies, but other than the Supreme Court striking down its 2018 bill last year, the Indian government’s stance on cryptocurrencies has been largely uncertain. On one hand, top sources tracking the government’s stance say it has shifted away from the idea of a complete ban. On the other hand, more banks have started barring cryptocurrency-related businesses from accessing their services,....
The head of global equity strategy at Jefferies, an investment bank and asset management firm, says that cryptocurrency regulation in the U.S. would “ultimately be very positive” for bitcoin or other crypto assets. It will also be more accommodating than China’s authoritarian approach to crypto regulation. US Regulation Would ‘Ultimately Be Very Positive’ for Mass Adoption of Bitcoin, Cryptocurrencies Christopher Wood, Head of Global Equity Strategy at Jefferies, discussed cryptocurrency regulation in his most recent weekly research note, Greed & Fear.....
The popularity of Bitcoin in India has seen an exponential rise, according to the Hindustantimes. The report details that more users in the region are using the cryptocurrency to pay mobile bills and vouchers for online shopping. With Businesses like Unocoin, Zebpay, and Coinsecure at the helm, the country will continue to get an influx of Bitcoin....
The top U.S. banking regulator has confirmed that positive cryptocurrency regulation is coming in a matter of weeks, by the end of the Trump term. “It’s going to work for everybody,” said the regulator, adding that the new regulation will “make it easier for crypto investors to know how to invest,” therefore attracting more institutional investors. New US Crypto Regulation Will ‘Work for Everybody’ Acting Comptroller of the Currency, Brian Brooks, answered some questions about the upcoming U.S. cryptocurrency regulation in an interview with....
Nirmala Sitharaman's comments came amid the Reserve Bank of India launching its digital rupee pilot program for the wholesale segment. India’s Finance Minister Nirmala Sitharaman said she would love to show that the country is “moving speedily forward” with digital financial technology as it prepares to assume the presidency of the G20.Speaking at the Indian Council for Research on International Economic Relations on Nov. 1, Sitharaman said the people of India have taken to digital technology “as fish to water.” The finance minister added that crypto asset regulation would likely be one of....