Indian government is going to take a major step towards banning and regulating cryptocurrency. Now, it will not be allowed to use for exchange, payments and will be completely out of the payment system.
These are the following important points to consider that the govt is focusing on-
Proposedbill will have RBI as a regulator
- An RBI authorized cryptocurrency will be the part of this bill
- This currency may be in the form of another digital currency.
- This bill is to prevent any cryptocurrency transactions in the form of illegal manner.
Our country must need a new law so that they move away with the existing cryptocurrency concepts. We need to create a sovereign national digital currency which will be used for every financial transaction in the country.
As per industry estimates, the country has around 5 to 6 million active traders. Reuters did a survey in January this year about traders and their trading activities. They found that, over a period of 17 months, people did a total trading worth $ 3.5 billion which also included other cryptocurrencies.
With such laws and regulations coming up, many crypto currency firms have shut down and some are in the verge of shutting down.
India may consider or propose a sovereign backed cryptocurrency or a virtual currency depending on the global circumstances.”
To develop this cryptocurrency framework, the Inter-Ministerial Committee has appointed
We have several conflicts earlier regarding the recommendations given by Garg’s committee. As per CNBCTV18 which reported last year December, gave some highlights on the recommendations, making cryptocurrencies an illegal affair.
On the other hand, The New
Indian Express gave a contrasting news about legalizing cryptocurrencies “with
Ministry of Finance has been thinking about finding a proposed solution in the absence of any suitable solution. A globally acceptable solution is required and there is an immediate need to devise a technically achievable solution.
The ministry must take this matter seriously and form a globally acceptable solution and with a caution so that it becomes acceptable everywhere.
There is a difficulty to frame a timeline for taking decisions and come up with a recommendation with clarity.
The ministry and the concerned committees have to look at every possible aspects of crypto currency and assets which also includes bitcoin and think of a regulation.
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