Rabia Abid
Contributor
In the new 2018 budget of India under the Modi government, it is said that measures will be taken to control the spread of cryptocurrencies in India.
Is it good or bad? Comments.
Is it good or bad? Comments.
India taking measures to control crypto
- Thread starter Rabia Abid
- Start date
Rabia Abid
Contributor
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.
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.
sarahxia618
Contributor
India’s attitude towards cryptocurrencies has recently changed. Recently, India’s crytpocurrency ban has been officially implemented, and cryptocurrency including Bitcoin will completely stop trading. Cryptocurrency exchanges and cryptocurrency companies will now be unable to obtain loans or hold any bank account. Judging from the current situation, it is clearly becoming the "cold winter" of crypto currency, and all the headlines have been detrimental to the development of cryptocurrency.
Old Man Crypto
Expert chainblocker
India will figure out a crypto ban doesn’t work. They will watch other countries pass them by and they will figure out a way to control crypto and profit from it with taxes. Then they will relax things.
It’s all about the rupees. If anyone can increase revenue from something, it will become legal. The US isn’t banning crypto they just want better ways to tax it. Classic battle coming over that.
It’s all about the rupees. If anyone can increase revenue from something, it will become legal. The US isn’t banning crypto they just want better ways to tax it. Classic battle coming over that.
cryptodeals
Contributor
Authorities in their countries are increasingly taking on cryptocurrencies because they feel they are losing. The same applies to Poland, where coffers are to be taxed.