Bitcoin Forum

The Indian government has invited lawyers from Nishith Desai Associates to present their suggestions for the country’s crypto regulation. This is in response to the firm’s submission of a proposed regulatory framework for cryptocurrencies. The suggestions include avoiding prohibition, taking a balanced approach, options for licensing, and self-regulation for the industry.

Details: https://news.bitcoin.com/indian-government-suggestions-cryptocurrency-regulation/

I just hope they come up with a pro-cryptocurrency framework and not stick up to their old standard that seems to be obsolete for this day and age. The RBI's decisions and rulings proved to be detrimental for bitcoin and the general cryptocurrency scene's prosperity, so I guess a law firm with no other hidden agenda whatsoever would be the best (?) ones to consult if they were to allow cryptocurrencies in India. I'm not expecting a totally favorable decision and regulations for bitcoin and cryptocurrency, but I guess a fair one is still beneficial and the way to go.

I am not expecting anything positive either, as long as the current government is ruling who produced another magical figures by having the most unemployment rate in the country in the past forty five years which is incredible in a way who just want to preach about polarization and ruling with divide and rule policy in this present generation which is absurd. I really think that there will be some change after the next elections and i am not sure they will take any decision regarding this in the current year.

if they try to apply western humanitarian and egalitarian goals on this, they will burn themselves off and even if they achieve a solution they will end up with something that still will not be accepted by all.

so they have basically only one option, draw themselves in swastikas (national socialism) or communist logos.

It's indeed a good new for the crypto mass of India. Because this company was representing the Internet and Mobile Association of India (IAMAI) in its writ petition against the Reserve Bank of India (RBI) circular which banned banks from providing services to crypto businesses. Sadly that case lost its pace and I don't remember when the last hearing date for the same was given. I hope to hear at least some glance of what the Indian government is thinking about the cryptos on tomorrow's interim budget speech. The final decision may come later but at least we should get some hint.

Reserve Bank Of India (RBI) had too much of miss-conception about the uses and the advantages of the crypto, which was an important part for the country as they looked it into a very fraudulent way which was just because of the political instability in India.

Yes, blockchain and crypto is a very new concept and in places like India with such a huge number of people they find it difficult to adapt to the digital world of currency. But, as the government starts supporting crypto, its use and promote crypto business in the country people there are sure to adjust with it and use it as an tool to modify the corrupt economy in the country.

I hope government of India should some up with some potential law based on crypto and its trading around the nation which will give the economy in India a boost for sure.

I don't think those stupids will come up with anything positive and pro-crypto.

n India,there was a complete ban on cryptocurrencies and this is great news, India is the second largest country in the world in terms of adoption of the law will raise rates and adoption of cryptocurrencies.

Can anybody give this news sources from mainstream media house or from the government of India website.
I doubt the validity of news that "Indian government invited  xxx lawyers" because
1. No mainstream news article.
2. Government create their own committees with the expert on legal system (like retired judges) andey do not appoint private practitioners for  recommendations.

This might interest you - https://bitcointalk.org/index.php?topic=5096389.0.

Considering they have effectively banned crypto it will be easy to regulate as no one can use it. Unless they end their usual allow then ban then allow then ban sharade it will be tough to create a proper law

Yeah, I  kind of heard the news somewhere on the internet about regulatory decisions being made for Indian crypto law.
I have been wait for regulations to be made for crypto in India. At least crypto will be legalized in a way through this method.
After all, legalization will open up many opportunities for crypto in India.

But this whole crypto disccusions by the Indian government has been going on for quite some time now and up to know there's no concrete regulations or directions. So I wouldn't be surprise if the law firm is not another tool to delay their anti-crypto stance.

If will be a good thing though, if they wake up and make a sudden U-turn, but they already make a stance, so I'm not seeing anything positive out of this law firm. If they needed someone's opinion, it should be the Indian population. I'm not saying that there should be election or something, but a lot have been presented to RBI but it didn't deter or change their understanding of crypto.

This is a great step to give some sort of legality for crptocurrencies inside India and this can be considered as significant because even still it is a developing country due its populations, exports and number of transactions done locally and internationally if bitcoin and crypto become legalize in some way it can do a tremendous help to the market and because it is a major country in Asia many countries might follow the same path

i don't really think it was "miconception" about bitcoin and its usages. what they did looked more like a panic move because they suddenly woke up some day seeing that bitcoin's adoption in their country is growing at a fast speed and they felt threatened. of course their banking system being corrupted didn't help the situation much either.

sorry to disappoint you but there has never been any "bans" in India regarding cryptocurrencies. they have been completely legal and Indian people have been trading them freely.
what you have heard, thanks to our shitty clickbait news sites, is that Indian Reserve bank stopped letting people use their services to buy or sell cryptocurrencies. that is not a ban since they are not the government.

Thanks for sharing that document, but officially government is not saying anything about  "Nishith Desai Associates " appointment. If you read the reply it clearly says it will have representative from RBI,SEBI , CBDT and so on to discuss/develop the crypto currencies framework.

His misconception is pretty widespread.

Here it goes -

1. The news that confirms the appointment of Nishith Desai Associates to present a case on cryptocurrency: http://www.nishithdesai.com/information/news-storage/news-details/article/nda-presents-regulatory-approaches-on-crypto-assets-to-the-government-of-india.html

2. The actual submission: http://www.nishithdesai.com/fileadmin/user_upload/pdfs/Research_Papers/Building-a-Successful-Blockchain-Ecosystem-for-India.pdf

Hope it helps!

Thank you for the links avikz.
From one of them I like this point:

1. Regulation not prohibition: An outright ban on crypto-asset activity
should not be considered for several reasons. Crypto-assets are essential
to blockchain technology, which is a new and disruptive technology that
presents both benefits and risks. History has taught us that such technologies
should be regulated and not banned, since banning is likely to be
counter-productive and may also suffer from legal infirmities. Rather, in line
with international consensus, a balanced regulatory approach should be
taken to promote the various benefits of the technology and mitigate the risks.

Their overall approach is positive even though there are many
who are not in favour of regulating a decentralised technology
like bitcoin etc.

On the positive side though it may well increase adoption and
obviously move the technology forward.

So now the government of india is publicly announcing their actions for the betterment of crypto currency issues?atleast the RBI(rural bank of india)will be enlightened and my give opportunities to the whole crypto community to have the benefits this can bring to their people,though i know that the India Government has neutral stand towards crypto

Is there anything that we should worry about? For me, as long as bitcoin can still be used with fairness, there shouldn't be any problem. And this should be a good step for cryptocurrency to its legalization. Or even though this is not a step for legalization, as long as we can use it with regulation, there is no problem for me.

but in my country, it has legalized bitcoin and cryptocurrency because crypto assets have developed wide in society and a commodity which deserves to be the subject of the Contract Futures traded on the Commodity Futures exchange. Hopefully, this is a good start for crypto and the price is better than 2017. The rising and stable prices are certain desires of all traders or investors.

Indian concern about bitcoin is great and if they make a low frame work by considering both sides such as bitcoin users and there economical ethics fairly it can definitely do good to everyone for the country and the crypto world because India is a large country in the world with a big population and there lows and decisions can really make a big change to the bitcoin market and if they adopt bitcoin into there economical structure I think it can easily up lift there financial situation as a country

This steps has its own pros and cons itself. Regulation is just a more polite and fancy term to say "lets take control of the peoples bitcoin and limit their financial freedom they got form using cryptocurrencies". The more regulation, the more control they bring over the people of the country. On the other hand, they will be able to use cryptocurrenices legally and their transactions will be made easier.

This is much awaited by countries around the globe, and this is truly a positive response from the government of India. As India has got a big consumer market the entire world has got an eye over India. Probably if bitcoin usage is legalized surely lot of people and businesses promote the cryptocurrency services throughout the country and the same will cause price pumping it seems.