India Progressing on Crypto Regulation Amid Ban Rumor

[kennymic1]

India Progressing on Crypto Regulation Amid Ban Rumor

The Indian government has been progressing on cryptocurrency regulation. A recent report from the Ministry of Finance confirms some recommendations. Meanwhile, local media reported Friday that a draft bill on the regulatory framework for cryptocurrencies is being circulated among relevant government departments.

Ministry of Finance’s Confirmation
The Ministry of Finance recently published a summary report of the government’s activities in 2018. “An inter-ministerial committee under the chairmanship of Secretary, Department of Economic Affairs with representatives from concerned departments has been constituted for considering all aspects related to virtual currencies and crypto assets,” the document begins to explain.

The Indian government was supposed to submit a report containing the legal framework for cryptocurrency to the supreme court in March but the court adjourned without addressing the matter. The next hearing date is July 23 and the community expects this matter to be addressed at that time. The Ministry of Finance’s report reads: Various options for treating virtual currencies and crypto assets including banning/regulating are being examined by the committee.

India Working With FATF
The report also reveals that India’s Department of Revenue has been working with the Financial Action Task Force (FATF) on various aspects including cryptocurrency. India is a member of the FATF, an international body which sets standards and promotes the implementation of......

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[Viceroy]

I do not like this news. This news means that the Indian government will interfere in the affairs of cryptocurrency and will interfere with the stable work of the decentralized sphere.

[moynul2050]

I think the Indian government is too far away in acting, this is already on track and should not be their authority.
Hopefully this will not have a negative effect on the price of crypto currencies in the world, considering the community of crypto currencies in the country of India is so strong that if there is bad news in this country I am afraid that it will be bad for others.

[pishite]

India is a well-developed country in the digital sphere. The issue of regulation is only a matter of time. It's a shame that they try to regulate, instead of offering solutions.

[qazgroup]

I truly think that big developing economies like China, India and Pakistan etc need a forward looking approach and policy for blockchain technology especially if they want to progress and compete with the world as soon everything is going to be updated with blockchain tech and these emerging economies need to get on board as soon as possible for the benefit of their country and people.

[mrdeposit]

Very disturbing news. Indian government should cancel the ban before this decision affects to the crypto projects. After a year we see good signs for the bull market and the Indian government comes to destroy the spring weather with bad news.

[Adriano2010]

I also don't like when the governments ban something that is not created by them, they should stop the ban and let people who want to use crypto and if they want to put only a tax on profit as other governments want to do.