As India works on the bill to regulate cryptocurrencies, each government department has its own opinion on whether to ban the use of crypto, including bitcoin. The Finance Ministry, the Reserve Bank of India (RBI), the Income Tax Department, and the Special Investigation Team have voiced their opinions on the upcoming bill.
https://news.bitcoin.com/india-divided-ban-crypto-use/India is preparing a bill on the regulation of cryptocurrency. “The bill has been drafted and consultation has been started with the concerned agency,” the Navbharat Times reported last week. The news outlet quoted sources explaining that the regulators are divided on whether to ban the use of cryptocurrencies such as bitcoin.
“The finance ministry is in favor of regulating [cryptocurrency],” sources said. The Income Tax Department, on the contrary, is not in favor of regulation, the news outlet conveyed, and quoted sources explaining:
The regulation of virtual currency is almost impossible and it promotes the use of black money.
Your thoughts on it dudes?
Yes, looking at current status India it seems government will not promote Crypto Currency as legal tender.
Interesting thing is that
"BlockChain is legal in India but Crypto Currency or Tokens is not regulated (Sort of Illegal)". I guess the regulatory bodies have very less knowledge of "BlockChain Technology". In BlockChain, Decentralized Computers solve the mathematical problems and in return they are rewarded with Tokens i.e Mining Rewards. Now if i cannot extract the
Value out of tokens, why i will do the Mining?
Few projects have been started like saving land records, but they are on private blockhain. "Private BlockChains" are regulated by governments, then i can do similar things in centralized system with multiple copies of data.
https://www.linkedin.com/pulse/why-anti-cryptocurreny-love-blockchain-wrong-virat-khutal/ address the same problem.
We have South-East Asia BlockChain summit on 12 May 2018, just go through the list of speakers. All the Crypto Top peoples are visiting but "Token and CryptoCurrency are not regulated". Lets hope something better would comeup with this event.
Thanks.