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India Possibility of Establishing New Committee on Cryptocurrency Regulation

Cryptocurrency

Is the new committee hoping for Indian cryptocurrency regulation?

It was reported that a committee could be set up in India to review cryptocurrency regulations.

India’s leading daily newspaper, The Economic Times (ET), reports from three sources that the new commission could regulate crypto assets (cryptocurrencies) as digital assets instead of currencies. There is.

At present, no formal move or announcement has been made regarding the establishment of a new committee.

India has taken a strict stance, including a total ban on crypto assets, but the industry has pointed out that such recommendations by former Treasury Secretary Subhash Garg and other former committees are outdated.

“There is a view that the use of new crypto assets should be considered, not a total ban,” an official told the ET newspaper.

Uncertain regulatory conditions continue in India, with the Reserve Bank of India (RBI) restricting transactions with cryptocurrency operators on banks in 2018, which has since been overturned by the Supreme Court. ..

In addition, when a bill banning virtual currencies is issued in 2019, there are voices of opposition from the crypto assets and tech industry, and the government is also in a confusing situation with statements to the effect of positive consideration. ..

The bill on crypto assets was scheduled to be discussed in Congress in March this year, but it is expected to be postponed and discussed in the next monsoon season.

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Welcome from the Indian crypto asset industry

The move to establish a new committee seems to be largely welcomed by the Indian crypto asset industry.

Siddharth, Founder and COO of WazirX, India’s leading crypto asset exchangetwitter“(Received) this is not a threat,” he said above.

Also, Nischal, CEO of the exchangetwitterI commented above as follows.

Finally, on day 930, India began planning to regulate crypto assets rather than ban them.

The 2019 bill is outdated.

It’s great to see progressive ideas from the government.

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Author: t.tenporin
Reference: The Economic Times

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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