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| India can take forward-looking measures on cryptocurrency |
India is planning forward-looking and forward-looking actions on cryptocurrency issues that may differ from its previous attempts to restrict the use of virtual currency.
Indian Prime Minister Narendra Modi (Narendra Modi) chaired a cryptocurrency review meeting. I decided that the government would continue to work actively with experts and other stakeholders on advanced technologies.
India has called for stricter rules on virtual currency transactions as an unregulated environment can push more domestic savings into asset classes and put household savings at risk.
In the past few years, India has developed frequent relationships with cryptocurrencies. After Modi suddenly decided to strip 80% of the local currency after a series of fraudulent acts, cryptocurrency trading was banned in 2018.
But last March, the Supreme Court of India overturned a notice issued in April 2018 by the Reserve Bank of India banning banks and companies under its control from providing virtual currency-related services.
The Reserve Bank of India remains cautious about cryptocurrencies. He clarified his position on digital assets and said he was very concerned about these assets. He reiterated his firm position on the use of virtual currencies.
The Governor of the Reserve Bank of India previously said: The position of the Reserve Bank of India remains unchanged. We have major concerns about cryptocurrency and have passed them on to the government. For investors, every investor should exercise due diligence and take very prudent and prudent actions.
But the government is reluctant to take a stand on cryptocurrencies, which ban digital assets like China. The idea is to take a milder regulatory path, which may mean that India may not ban cryptocurrencies completely.
India can't ban cryptocurrency
The government recognizes that the crypto boom, if regulated, will provide economic opportunities, that cryptocurrency platforms are a great new employer, and that wealth gains can widen the tax net.
It appears that the government is ready to pass a comprehensive cryptocurrency law. This could be proposed at the next winter parliamentary meeting.
The meeting also concluded that attempts to mislead the country's young generation with promising and vague advertisements must be stopped.
In addition, some believe that the unregulated crypto market cannot be used as a means of money laundering and terrorist financing.
Global examples and best practices were discussed at the meeting. It was emphasized that India should seek a global and joint strategic partnership on this issue.
The Finance Standing Committee plans to meet with industry experts and associations at its November 15 meeting to discuss challenges and opportunities in the financial cryptocurrency industry.