This post was most recently updated on 18th Nov, 2021
Earlier we shared a report of ministers meeting for the decision of Crypto regulations in India and now finally PM Speaks as well to Regulate Cryptocurrency in India as an Asset but not as a payment method, which means it is a green signal for investors and guidelines will be issued soon to regulate Crypto in Nation but the curtain is now off of Banning. Though you can’t make any purchases or send it over but can turn into an asset like Ornaments.
PM Modi says that Democratic nations should support crypto but as being a decentral unit it is important to keep a regulation to refine flow and crime dilution, also says Young Youth can be harmed from this and false promising advertisement, it is highly important to reflect reality and volatile rate removed advertisement that makes a false promise.
And as being the biggest population in the World maybe it is true but a green signal means a good step forward instead of a ban, still more freedom should be provided by govt. for exchanges.
Early Reports and Annoucement on Crypto India News
After a long convo between judicial, experts, parliamentary members, govt and so all finally they came to an end to make Crypto Legal in India as it can’t be banned but can be controlled, regulated in a manner through a meeting on Nov15 2021 as India Grants Crypto a Green Flag but says it to be Regulated in Manner to maintain prosperity for existing investors from the Nation.
Standing Committee on Finance, chaired by BJP’s Jayant Sinha met representatives of crypto exchanges, Blockchain and Crypto Assets Council (BACC), industrial bodies & other stakeholders to discuss concerns in the matter to talk a clear report regarding Crypto Ban or Approval concerns in India.
India Grants Crypto a Green Flag but says it to be Regulated- Is this it?
“We have called stakeholders from across the industry including operators of major exchanges, members of CII as well as academics from the Indian Institute of Management (IIM) Ahmedabad, who have done a very thorough study on the crypto finance,” Mr Sinha had told news agency PTI ahead of the meeting.
For your knowledge let us tell El Salvador is the only country to recognise Cryptocurrency as legal approval all over the country.
“On crypto…we have serious concerns from the point of view of macroeconomic and financial stability. How the issue has to be dealt with – we have given our detailed suggestions to the government; as far as I know, the matter is under the active consideration of the government, and the government will decide,” RBI Governor Shaktikanta Das had said on Wednesday at a Business Standard event.
At last according to reports, a new Bill may be brought in the session of Parliament starting on November 29, 2021, for final concerns related to Cryptofusion in India. But is very much clear that in most cases Crypto shouln’t be shut or banned in Indias because many have their major investment in it through which Crypto Collapse can lead to a major collapse in the investor side and economy too.
“The discussion deliberated on a range of things, right from need for regulations to concerns RBI had raised to misleading ads that need to be controlled and more. The meeting was more to hear the industry out and also express concerns on how issues such as how foreign exchanges can be treated, how investor protection be taken care of, and how fringe players can be removed, etc.,” another source said.
But it would also be awaiting to see that what Govt tries to make up in the bill and how they recognize it for RBI and Profits because more or less power under Cryptocurrency should not be in hands of govt as its unregulated.
-Thanks for Reding.