Government going to put out a discussion paper on crypto policy stance

[TheUltraElite]

It looks like the government is willing to sit and talk with the crypto stakeholders on crypto policy.

Stakeholders are the Bharat Web Alliance (BWA) and the other party is the Economics affairs guy Ajay Seth. It is reassuring to know that RBI and SEBI are going to be a part of this as well.

The paper is going to be on things that we all have been discussing here all along

Take a look at the original article here

Crypto Stakeholders Prepared to Participate in Government's Discussion Paper on Crypto Policy Stance

[pakhitheboss]

India's current crypto regulations focus primarily on creating an anti-money laundering ecosystem, detailing dos and don'ts around electronic funds transfer, and countering terror financing.

This part is incomplete as it also hovers around unethical tax which is the main source of income for the Modi government. They have earlier discouraged the middle class from entering into cryptocurrency trading and now with the new budget, they are discouraging the middle class from entering into the share market and investing in mutual funds. Screwing the middle class is what the budget has been for this government from the day they started ruling India. The regulation has already been placed in 2022 without any official announcement. Do not expect anything from this discussion as this news is just a deviation from the original issues that the Indian crypto community has been facing for the last 2 years.

[GamerFlash]

It's good to see the government finally considering a discussion paper on crypto policies, but I can’t help feeling skeptical. We've been hearing about potential regulations for a while now and progress has been painfully slow. Engaging stakeholders like the Bharat Web3 Association is a step in the right direction but will the government actually listen?

[pakhitheboss]

It's good to see the government finally considering a discussion paper on crypto policies, but I can’t help feeling skeptical. We've been hearing about potential regulations for a while now and progress has been painfully slow. Engaging stakeholders like the Bharat Web3 Association is a step in the right direction but will the government actually listen?

It is already regulated to an extent as we are paying taxes and most exchanges operating in India are FIU compliant. Some details need to be worked out like exchange will be controlled and supervised by which governing body. Whether there will be any policy in regards to safeguarding the user funds on exchanges. Recently we saw WazirX got hacked but they have not done anything to refund the money that got stolen from their exchange for their users. We are the first country I guess in the world where the community has been paying taxes before regulation were in placed.

[avikz]

It is not really a good time for such discussions, to be honest! With the recent hacking incident in Wazirx, the government representatives are going to take this discussion to an absolutely negative point.

But I am happy that the government finally agreed to listen to the industry stakeholders. But I do not have high hope on the current government. So I don't think they are going to take any meaningful action on the basis of the discussion.

We can only hope for the best!