Report: India Evaluating Cryptocurrency Legalization Under Strong Regulation

Report: India Evaluating Cryptocurrency Legalization Under Strong Regulation
фото показано с : news.bitcoin.com

2018-12-27 05:55

The committee charged with providing recommendations for the regulatory framework surrounding cryptocurrencies in India is reportedly evaluating the legalization of the asset class under strong regulation. According to a recent report, “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal.”

Also read: Report: Indian Government Panel Submits Crypto Recommendations

Legalizing With Strong Riders

An article published by the New Indian Express on Wednesday claims that the second inter-ministerial committee appointed to discuss the country’s stance on cryptocurrencies is not completely convinced of outlawing the asset class and is looking to legalize it under strong regulation.

The committee is headed by the Department of Economic Affairs’ secretary, Subhash Chandra Garg. It consists of officials from the Reserve Bank of India (RBI), the Securities and Exchange Board of India, and the Ministry of Electronics and Information Technology. An unnamed official was quoted by the publication as saying:

We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon

Spirits Are High Despite Uncertainty

This news comes almost a year after the country’s finance minister, Arun Jaitley, declared during a speech in February that the Indian government “does not consider cryptocurrencies as legal tender or coin” and vowed that the government would take all the necessary measures to “eliminate the use of these assets in financing illegitimate activities.”

Jaitley’s comments echo similar remarks by the RBI. The central bank issued a circular in April, giving all banking institutions under its control a three-month window to close all ties with cryptocurrency companies.

The banking ban imposed by the RBI has influenced cryptocurrency trading behaviors in India. Exchange-escrowed peer-to-peer (P2P) trading volumes have reportedly soared in the months following the decision, indicating that the Indian people’s desire to use and hold cryptocurrencies has not been entirely dampened by the ongoing regulatory uncertainty.

Although the government of India has yet to announce a formal stance on the matter, the Indian crypto community remains optimistic that the government will end up lifting the ban and will formulate positive regulations in the upcoming months. The next meeting of the committee is scheduled for January 2019.

What do you think will be the outcome of these meetings? Will the Indian government embrace cryptocurrencies and lift the ban? Let us know in the comment section below.

Images courtesy of Shutterstock.

The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post Report: India Evaluating Cryptocurrency Legalization Under Strong Regulation appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

India Coin (INDIA) на Currencies.ru

$ 6.733E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.49 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 999999
Доступно / Всего 0 INDIA

report under regulation legalization india evaluating cryptocurrency

Источник: news.bitcoin.com

report under → Результатов: 91


Фото:

Japanese Financial Regulator Classify Cryptocurrencies as “Crypto-Assets” to Ward off Consumer Misunderstanding

Japan’s financial regulator has established a classification for cryptocurrencies that are traded online like money, this according to a report from The Japan News on December 15, 2018.   Avoiding Confusion According to the article, the nation’s Financial Services Agency (FSA) has decided to position bitcoin and other cryptocurrencies under the category of “crypto-assets.

2018-12-18 03:00


Encrybit ICO

- ENCRYBIT THE RESEARCH BASED CRYPTOCURRENCY EXCHANGE Encrybit made history moments creating massive surveys in cryptocurrency market with 12k+ responses from traders among 167 countries. Encrybit exchange is thought of traders where we are merging their demands in reality developing the secured and featured enriched trading platform that does not want to compromise the emotions of traders.

2018-11-14 19:41


Фото:

New Exchange Security Scoring Model Offers Insurance Rates for Coin Holders

International cybersecurity solutions provider Group-IB has come up with a scoring model to grade crypto exchanges based on their level of security. The scoring model was created by Group-IB in conjunction with Swiss-based Cryptolns (which is operated by Swiss insurance broker APIS AS), and the grading is intrinsic to CryptoIns’ new cryptocurrency exchange insurance, which will allow exchange users to cover up to 15 BTC worth of digital assets held in their exchange accounts.

2018-11-13 00:43


China's Central Bank Wants to Put the Damper Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-5 22:04


China's Central Bank Wants to Put the Damper on Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-7 22:04


Indian Officials Consider Ban on “Private Cryptocurrencies”

Agents of the Indian government have met to formally discuss a possible ban on private cryptocurrency holdings in the nation. On October 30, 2018, the Financial Stability and Development Council (FSDC) issued a press release detailing their recent meeting where they “reviewed the current global and domestic economic situation and financial sector performance.

2018-11-1 22:37


Фото:

UK Fintech Industry Slams Govt’s ‘Blunt Instrument Approach’ To Cryptocurrency

The UK could compromise its fintech sector with “very blunt instrument” regulation currently under consideration, a new report from several industry entities warns. ‘Ashamedly Geared Around Bitcoin’ As local news outlet the Telegraph reports October 29, the report criticizes plans to award more power to regulator the Financial Conduct Authority (FCA) and says treating all cryptoassets in the same way as Bitcoin was counterproductive.

2018-10-29 19:00


HKEX Report Recommends Crypto Regulation Under Existing Legal Frameworks

The Hong Kong Stock Exchange (HKEX) has released a new report detailing why cryptocurrency and blockchain should come under new regulation based on existing regulatory frameworks. Drafted by the Chief China Economist’s Office and Innovation Lab at HKEX, the report recommends rethinking of the use of blockchain and artificial intelligence (AI) applications to come under […]

2018-10-22 21:38


Blockchain Business in Crypto Valley Has Doubled Since Last Year: Report

The number of blockchain-related companies in Switzerland and Liechtenstein has doubled in the last year, according to a new study published by CV VC. The Zug-based firm, in partnership with Strategy& (PwC’s global consulting arm) and inacta, compiled information about the top 50 blockchain and digital asset companies between the two countries.

2018-10-11 00:18


дальше еще 42 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

TRON (TRX) reaches a new all-time high after nearly 7 years

TRON (TRX) reached a new all-time high at $0. 41, nearly seven years after the first time it registered its last price peak, according to TradingView data. The new all-time high comes after a 81% price leap over the past 24 hours, making TRX the 10th largest crypto by market cap.