Proposed crypto ban legislation reportedly under review by India’s government
Authorities in India are reportedly weighing up options concerning crypto regulations in the country. India’s government is reportedly reviewing modalities for banning or regulating cryptocurrencies in the country.According to Bloomberg Quint, reports indicate that the government is in talks with financial regulators and industry stakeholders to examine the provisions of an earlier proposal that effectively called for a blanket prohibition of crypto in India.Back in February, several reports out of India stoked fears of a possible crypto ban that has so far failed to materialize. Instead,....
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Officials from India's Finance Ministry said any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February. The Indian government may be looking into establishing a legal framework for crypto-based digital currencies as "assets" as early as February. According to a Tuesday report from Indian news outlet Business Today, officials with the country's Finance Ministry said the potential legal framework would treat cryptocurrencies closer to commodities than currencies. If this legislation comes to fruition, it would....
The Cryptocurrency and Regulation of Official Digital Currency Bill is one of 26 new pieces of legislation for India's lower house of parliament to consider when it convenes next Monday. The Indian government will be considering a bill that would create a digital rupee starting as early as next week, but may also ban certain cryptocurrencies in the country.According to a Tuesday publication, India's lower house of parliament, Lok Sabha, will consider The Cryptocurrency and Regulation of Official Digital Currency Bill as one of 26 new bills when the government body convenes for its winter....
India’s government could levy taxes on Bitcoin trading despite the lack of legal clarity for the country’s crypto space. India’s finance ministry has called for the enactment of Bitcoin (BTC) tax laws in the country. According to the Times of India, the ministry’s Central Economic Intelligence Bureau, or CEIB, recently submitted a draft document that proposes levying an 18% goods and services tax on Bitcoin trading.CEIB figures put the estimated Bitcoin transaction volume in India at over $5.4 billion. Thus, the proposed 18% tax could see the government earning about $970 million from....
The FSC will reportedly “make institutional supplements that will take a balanced approach to blockchain development, investor protection and market stability" on bills proposed. The chair of South Korea’s Financial Services Commission said the regulator plans to expedite its review of 13 bills pending in the country’s National Assembly related to digital assets.According to a Thursday report from South Korean news outlet Edaily, Financial Services Commission chair Kim Joo-hyun said a task force consisting of private experts and government ministries will “quickly” review proposed....
Government officials may be planning to introduce the law potentially banning crypto “within a month” of the ordinance clearing. The Indian government may be taking a legislative shortcut to pass a bill recently proposed to regulate digital currencies in the country.According to a report from news outlet CNBC-TV18, the Indian government may take the “ordinance route” to ban the use of private cryptocurrencies in the country as well as create a regulatory framework for a digital rupee issued by the Reserve Bank of India. Passing the measures within the proposed crypto bill using this method....