India is not quite done with the threats of a cryptocurrency ban. While the government has yet to issue any official statements on the matter, a recent report from the Economic Times claims that the government is having second thoughts on the ban. The article cites a person who was in the crypto meeting and says that the government has realized that there are several issues with banning the digital assets.
India’s government has reportedly changed its approach to cryptocurrency regulation, with a new report by the Economic Times suggesting that a ban on bitcoin and other digital assets is no longer under consideration. The publication cites unnamed sources familiar with the matter, including an unnamed senior government official and a “senior official privy to the panel’s deliberations,” indicating that India’s Department of Revenue, as well as a number of other agencies, would work together to effectively prohibit domestic cryptocurrency exchanges. The new approach comes after revenue and economic affairs secretary, Hasmukh Adhia, met with the chairman of India’s State Bank, Urjit Patel, along with other government officials, to discuss the topic.
The Indian Supreme Court is set to hear the petitions against the crypto ban imposed by Reserve Bank of India (RBI) in July, as reported by the ET. The hearing is set to take place on September 11, 2018. In its report, the ET noted that the government now has second thoughts on the ban and that the government is now attempting to find a middle ground between banning cryptocurrencies and promoting them, thus opening an opportunity for crypto exchanges to reapply for a license.. Read more about is ethereum legal in india 2020 and let us know what you think. According to a report by the Economic Times, the Indian government may form a new panel of experts to explore the possibility of regulating cryptocurrencies in the country. The new commission could be tasked with studying the use of blockchain for technological advancement and proposing ways to regulate cryptocurrencies as digital assets rather than digital currencies. If this news makes sense, it would be the opposite of the previous position of the Indian government. The previous panel set up by the Indian government to report on cryptocurrencies took a hard line on the crypto space. The panel has recommended a ban on cryptocurrencies in India.
Creation of a new groupCommittee
The new commission will examine how cryptocurrencies can be regulated in the country. Many in the government, including the finance ministry, believe that the 2019 recommendations of the crypto currency commission, led by former finance minister Subhash Garg, are outdated. They believe that a ban is not the solution to the problem and instead new ideas and suggestions are needed regarding the regulation of the use of crypto currency in the country. The new committee could work with the Reserve Bank of India to explore the use of blockchain. The study will focus on finding ways to regulate cryptocurrencies as digital assets rather than digital coins. With the growing demand for cryptocurrencies in India, Anurag Thakur, Minister of State for Finance and Corporate Affairs, has already discussed the issue with members of cryptocurrency forums and the banking sector. He is also likely to join the cryptocurrency’s new board. This is a welcome step, as the participation of senior officials in the official cryptocurrency committee shows how much importance the government places on the cryptocurrency industry.
A coordinated approach to the regulation of cryptocurrencies in India
The cryptocurrency community felt relieved after Anurag Thakur and Finance Minister Nirmala Sitharaman said that the central government will take a moderate approach towards cryptocurrencies. This means that the central government is not considering a complete ban on its use in India. Nirmala Sitharaman said: The world is changing rapidly thanks to technology. We want to make sure that there is a window for all types of experimentation that will take place in the world of cryptocurrencies. Therefore, each movement must be performed in a calibrated position. But the flood of news about India’s cryptocurrency ban has put pressure on cryptocurrency traders and companies offering cryptocurrency services in the country. After a long time, good news about cryptocurrencies appeared in the media, on reading which users of cryptocurrencies and players of the sector must have breathed a sigh of relief.
India’s cryptocurrency craze started in 2013 after the launch of cryptocurrency exchanges in the country. The Indian cryptocurrency industry was one of the fastest growing in the world until 2018, when the RBI ordered financial institutions to stop operating cryptocurrency exchanges. Later in 2020, the Supreme Court overturned the RBI’s ban on cryptocurrency-related payments in India. After the Indian Supreme Court overturned the RBI ban, the cryptocurrency sector has taken off again. But in 2021, there was a new setback – a law was passed criminalizing the mining, storing, buying and selling of cryptocurrencies in India. The Crypto-currencies and Regulation of Official Digital Currencies Bill 2021 is expected to be tabled during the budget session of Parliament in March 2021. However, it has been delayed and the reason for the delay has not been disclosed. The bill will be introduced during the next monsoon session of Parliament. The bill is similar to the recommendations of the Garg Commission.
The stakes are high
According to Nishal Shetty, CEO of WazirX, the number of cryptocurrency users in India is currently around seven million people who collectively own nearly $1 billion worth of cryptocurrencies. This proves that there is a huge demand for cryptocurrencies in India. Thus, a ban on cryptocurrencies will have a negative long-term impact on India’s role in the global crypto scene. The growth of cryptocurrency transactions in India is so great that experts believe that India will soon be among the top five cryptocurrency markets in the world, along with other emerging markets like Nigeria. What is more surprising to many is that despite the threat of a ban, cryptocurrency trading is growing rapidly in India. This may have also baffled government officials, which may have led to the decision to create a new committee on cryptocurrencies. The Economic Times report also states that India’s finance minister, Nirmala Sitharaman, will receive details on the latest developments in cryptocurrencies from her team later this month. However, these discussions are still at an early stage and no formal decision has yet been taken. The Indian crypto-ecosystem is eagerly awaiting the final decision on cryptocurrencies in India. If the Indian government is indeed planning to set up a new committee on cryptocurrencies, then this is really good news for the Indian crypto industry. If India decides to regulate cryptocurrencies, it will join the US, Singapore, Iran and Germany in the list of countries that regulate cryptocurrencies.The Indian Government has Second Thoughts on Crypto Ban, States the Economic Times Report In breaking news, the Indian Government has second thoughts on its crypto ban. India is one of the major crypto markets in the world, and the government has decided to have a re-look at their stance on their cryptocurrency ban. The Economic Times reported that the Indian Government is planning on taking a new stance on crypto ban, after a committee that was set up by the Government, has come to a conclusion that it is difficult to enforce a ban on crypto. The committee is set to present a report to the finance ministry.. Read more about cryptocurrency news india supreme court and let us know what you think.The Indian Government has Second Thoughts on Crypto Ban, States the Economic Times Report In breaking news, the Indian Government has second thoughts on its crypto ban. India is one of the major crypto markets in the world, and the government has decided to have a re-look at their stance on their cryptocurrency ban. The Economic Times reported that the Indian Government is planning on taking a new stance on crypto ban, after a committee that was set up by the Government, has come to a conclusion that it is difficult to enforce a ban on crypto. The committee is set to present a report to the finance ministry.. Read more about cryptocurrency news india supreme court and let us know what you think.
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