India's crypto regulation framework might be ready by September

[jrolivar]

India's crypto regulation framework might
 be ready by September



It looks like India is about to see crypto crypto-rupees - according to The New Indian Express,
 detailed cryptocurrency guidelines are expected to be issued by September. As it was reported
, stakeholders, including the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI)
 and the Internet and Mobile Association of India (IAMAI), have already started to give consultations.


Indias country crypto ban might be changed for good

Now, the country’s government has finished drafting the regulatory framework for cryptos.
An unnamed senior official from India’s Ministry of Finance informed the news outlet:



“ The draft is ready, and consultation is on with all the stakeholders…before coming up
 with the final paper. We expect it to be ready by September.”


This announcement follows the statement made in June by Subhash Garg, the Economic
Affairs Secretary, claiming that this draft-law would be ready by the middle of July.

Despite the delay, the framework is a great step forward for Indian crypto community,
 since, in April of this year, RBI declared its decision to stop providing services to
individuals and businesses dealing with cryptocurrencies because of high risks.
 The Supreme Court’s final hearing will be held on September.

Although it is not officially confirmed how cryptocurrency will be regulated,
some sources indicate it will be regulated as a commodity. It is highly unlikely that cryptos
 will be banned altogether, and the issue here is about regulating the trade and where the
 money comes from. Allowing it as a commodity would allow to regulate it in the best way, said the aforementioned source.

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[chanc3r]

If India allows crypto to be allowed, even in a regulated state then it would bring a revolution for the South East Asian crypto scene. Many countries that were against crypto might follow India's footsteps to either legalize or regulate cryptos because, India has been cited as on of the most developed countries in terms of tech development. Other developing countries will definitely try to become like them and grab the opportunity.

No, it's about that and at least the ban from the indian central bank to the crypto will be lifted consider it has been regulated by the government and there will be a law support for the operational of cryptocurrency in india and that's the main point.

[sinachy]

I just hope and believe their decision will be in favor of crypto currency, India as a country has a huge population and legalizing cryptos in their country will be a plus to crypto space because more of them will engage into crypto trading.

[TomJ.Lawson]

A good news indeed. I think issuing the detailed guidelines of crpto framework will help to extend the market integrity and it will also make the amount of illegal transactions less.

[KennethDarnell]

We all know in India crypto currency is banned. But now situation will change because they may accept this market in recent time.

[tamango]

I hope they will stop to ban crypto...India can have a big impact in crypto if the government change its mind about that.

[GantVolnov]

India's crypto regulation framework might
 be ready by September



It looks like India is about to see crypto crypto-rupees - according to The New Indian Express,
 detailed cryptocurrency guidelines are expected to be issued by September. As it was reported
, stakeholders, including the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI)
 and the Internet and Mobile Association of India (IAMAI), have already started to give consultations.

https://s22.postimg.cc/9skv3ybnl/image.png
Indias country crypto ban might be changed for good

Now, the country’s government has finished drafting the regulatory framework for cryptos.
An unnamed senior official from India’s Ministry of Finance informed the news outlet:



“ The draft is ready, and consultation is on with all the stakeholders…before coming up
 with the final paper. We expect it to be ready by September.”


This announcement follows the statement made in June by Subhash Garg, the Economic
Affairs Secretary, claiming that this draft-law would be ready by the middle of July.

Despite the delay, the framework is a great step forward for Indian crypto community,
 since, in April of this year, RBI declared its decision to stop providing services to
individuals and businesses dealing with cryptocurrencies because of high risks.
 The Supreme Court’s final hearing will be held on September.

Although it is not officially confirmed how cryptocurrency will be regulated,
some sources indicate it will be regulated as a commodity. It is highly unlikely that cryptos
 will be banned altogether, and the issue here is about regulating the trade and where the
 money comes from. Allowing it as a commodity would allow to regulate it in the best way, said the aforementioned source.

It seems to me that India, with its news, does not particularly affect the crypto currency market. If to look, then in the past when India negatively or positively spoke about this market, then there were no sharp movements. Therefore it seems to me that this news is second-rate which is important only for the citizens of India.

[jezus]

How is ban electricity shutdown?

[virendarnagpal]

India is the sixth largest economy in the world.  India is having the largest growth rate in the world.  Indian Prime Minister is much much supporter of digital currency.  India will not  allow it's economy to remain backward in the cut throat competition era.

So India will never ban crypto.  Because crypto is the future of currency.  Rejecting crypto for Indian economy will mean a big halt to it's race  of development.

But on the other hand; India is worst affected by terror attacks by religious fundamentalists.  So it will not allow crypto to be used by illegal terrorists / money launderers.  

So a regulation will definite  be there.  

[DwaneJacky]

With putting regulations on cryptocurrency, RBI will be unbanning the cryptocurrency. I think it's a great news. Previously RBI had totally banned cryptocurrency . But recent declaration of Supreme Court stated that cryptocurrency will be legalised in India by putting some regulations. The framework of the regulation might be ready by this September 2018.

[hxtop]

News from India about the future of cryptography regulation is follows with interested by crypto investors. Making regulations on cryptocurrency, Indian citizens will be able to invest comfortably.

[JohnDcosta]

This is the time for the Indians to rejoice after countless and endless fights, they have finally lifted the ban on the crypto from entering the Indian market. This will be a great opportunity for the Indians to improve their economic conditions.

[dollurs]

It will be a good news if it comes in favor of crypto. Because there are lots of people in India who are using crypto already. Also that will be a green signal about the future of the crypto.

[Vit83]

IMHO India will have very strict rules. As I know they have problems even with cash in large bills. They have very active fight with money laundering.

[Gromx]

I doubt that this will greatly affect the course of the entire market.The crypto-currency market is not so sensitive to the news as before.

[RalphNorman]

India initiating crypto currency and digitalization of it is really a positive note for the whole of South East Asia. India being one of the influencial points of Asia subcontinent, will definitely increase the chances of nearby countries to legalize digital currency in their country too. This only brings postivity as a whole for the crypto community.

[jrolivar]

If India allows crypto to be allowed, even in a regulated state then it would bring a revolution for the South East Asian crypto scene. Many countries that were against crypto might follow India's footsteps to either legalize or regulate cryptos because, India has been cited as on of the most developed countries in terms of tech development. Other developing countries will definitely try to become like them and grab the opportunity.

Some banks do not accept crypto or bitcoin as in the Philippines do not accept the crypto, because they know they are losing money when there is no investment in the bank, you know how much money you can earn in the bank if you place the money they avoided competing

[jrolivar]

I just hope and believe their decision will be in favor of crypto currency, India as a country has a huge population and legalizing cryptos in their country will be a plus to crypto space because more of them will engage into crypto trading.

Do you think the country mentioned in the event that they will allow and increase the bitcoin or other crypto?

[ShawnJessie]

India imposing crypto framework and regulations is a really great news for the crypto community of South East Asia. India being one the powerhouses of Asia might inspire other countries' governments who were against cryptocurrency. In future, we may see the small countries stepping up either by legalizing or imposing regulations on cryptos.

[Hudora]

India is indeed of great importance to cryptography worldwide. It seems to me that this will significantly change the world of cryptocurrencies and the market may become green