[2017-04-12]India's Government to Consider New Digital Currency Rules

[joshy23]

India's Government to Consider New Digital Currency Rules

A committee of government and central bank officials in India is set to propose new regulations related to digital currencies.

The Indian government's press service announced today the creation of an interdisciplinary committee drawn from both the Reserve Bank of India as well as the Ministry of Revenue, Department of Financial Services and the Department of Economic Affairs, among others.

Also included are representatives from NITI Aayog, a government-backed think tank, and the State Bank of India, the country’s largest bank.

According to the release, the committee will prepare a report, recommending policies related to money laundering and consumer protection, among other areas.

The report is expected to be delivered within the next three months.

Source: http://www.coindesk.com/indias-government-consider-new-digital-currency-rules/

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[peter0425]

I hope that India will not ban bitcoin in their because many Indians are also into bitcoin. They should put regulation what the Philippines did, so that our Indian counterparts would still enjoy bitcoin and that cash flow going into bitcoin ecosystem will continue as India is a big market for bitcoin as well.

[richardsNY]

I hope that India will not ban bitcoin in their because many Indians are also into bitcoin. They should put regulation what the Philippines did, so that our Indian counterparts would still enjoy bitcoin and that cash flow going into bitcoin ecosystem will continue as India is a big market for bitcoin as well.

Bitcoin as a whole is growing larger and larger, and thus it makes sense for governments to put new regulations in place. If you look closely to the countries that have done this already (chances are high that they will even add more regulations throughout the years due to the demand for Bitcoin), then it's clear that governments don't consider Bitcoin to be a joke anymore. It's not a real threat either at this point, but they are taking precautions right now to not fall behind too much. And btw, no worries. India will not ban Bitcoin.

[Kemarit]

I hope that India will not ban bitcoin in their because many Indians are also into bitcoin. They should put regulation what the Philippines did, so that our Indian counterparts would still enjoy bitcoin and that cash flow going into bitcoin ecosystem will continue as India is a big market for bitcoin as well.

Bitcoin as a whole is growing larger and larger, and thus it makes sense for governments to put new regulations in place. If you look closely to the countries that have done this already (chances are high that they will even add more regulations throughout the years due to the demand for Bitcoin), then it's clear that governments don't consider Bitcoin to be a joke anymore. It's not a real threat either at this point, but they are taking precautions right now to not fall behind too much. And btw, no worries. India will not ban Bitcoin.

Russia also coming into picture hinting toward possible regulations of the bitcoin industry in the near future as well. Regulations will be set by the country's Central Bank, a measure taken in advance to prevent something unpleasant to happen like fraud and other illegal activities using bitcoin. So imagine big nations like China, Japan, Russia and India giving bitcoin ecoystem a steady cash flow.. So the future of bitcoin is really bright.

[TraderTimm]

India is a corrupt shit-hole that will most likely try to align with Prime Minister Modi's directive to de-emphasize cash and make sure that banks have a direct cut of any action, crypto or otherwise.

I'm sure their issued rules will favor the government insistence on capital controls and making it as painful as possible to move funds outside the country. They will reap what they sow, of course.

The only real problem is the majority of poor people that don't have a choice, sitting on piles of non-redeemable notes that once were their life savings. I'm surprised there hasn't been an uprising
over the demonitization push. It has destroyed many people's lives.