Cryptocurrency Regulation - RBI to set up self- regulatory body

[mt-coinofficial]

As cryptocurrency is gaining whooping popularity globally, the concerns regarding the Digital assets reliability is also surging high. Therefore, a number of official financial institutions have been making efforts to bring about a regulation in this volatile market system.

According to recent developments, the Reserve Bank of India has suggested innovation labs,  data protection laws, and a dedicated organizational structure in order to introduce stronger regulations and a self-regulatory body to keep a check on the activities of FinTech companies.

For the same, the RBI has arranged an internal Working Group to examine the issues related to FinTech and Digital Banking system in India. This group consists of members from major institutions such and SEBI, IRDAI,  PFRD among others.

The main aim is to bring about a stronghold in the unregulated market which makes up a significant amount of the economy, thereby, stabilizing the financial market system. With a unique approach, the RBI has invited comments and suggestions on the by recommendations by email or post before February 28, 2018.

It is noteworthy that very recently, the Founder of Money Trade Coin Group, Dr. Amit Lankhanpal addressed the Indian government to provide a helping hand in adopting the Blockchain technology, developing and regulating the Crypto-market in the country. In the document, Dr. Amit Lankhanpal has provided probable guidelines and solutions that the government can undertake in order to control and regulate the volatile market, thereby, increasing its efficiency. He also tries to explain how the use of cryptocurrency can benefit the country's growth and development and provide a push to Shri Narendra Modi's dream of Digital India and the cashless society.

[1715198418]

1715198418

[1715198418]

1715198418

[1715198418]

1715198418

[1715198418]

1715198418

[1715198418]

1715198418

[partyush]

What a self-regulatory body in cryptocurrency means?

The growing popularity and market value have also attracted the illicit users to this market which in turn has brought the regulatory authorities into the picture. However, due to legal authorities’ lack of awareness and knowledge on this topic, cryptocurrencies are either curbed down or heavily monitored that restricts its potential and growth.

read here in detai : https://coingape.com/self-regulatory-body-to-rising-cryptocurrency-regulations/

[tosindesign]

Crptocurrency is a decentralized means of exchange ,means no government can regulate it. The best thing the government can do is to common up with their own crptocurrency like venezuala did.government is causing panic in other to common up with a cryto coin that they can monitor who has the highest number of coin and how did it buy such coins. Crptocurrency will replace Fiat currency where by making the USD irrelevant as worldly accepted currency

[investorss]

with the help of the crypto currency the world began to scale up coming up with various support technologies) is very glad that there are smart people who improve the life of all the people of the earth)

[goyal.dkg]

why RBI and Finance ministry working separately ..
and it more than a year since when we are hearing for regulation ,, they should do it fast .