According to reports, a high-level meeting will be held in India on the topic of cryptocurrency regulation. Prime Minister Narendra Modi will make the final decision about how India will regulate this sector. The meeting is discussing all options including full or partial regulation, as well as complete and partial bans and partial bans.
Indian Crypto Regulations to be Decided By Prime Minister Modi
Indian Prime Minister Narendra Modi will take a final decision on the country’s cryptocurrency regulation, the Economic Times reported Friday, citing two people familiar with the development.
According to the publication, a meeting of high officials was held on Thursday, in which all possible solutions were discussed.
You have the option of a total ban or partial ban. Or you can allow certain crypto products that are subject to regulation.
Issues discussed in the meeting included stakeholder views and concerns raised by the country’s central bank. The Reserve Bank of India (RBI) has said on several occasions that it has “serious” and “major” concerns regarding cryptocurrency.
The Indian government has listed a bill titled “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” to be taken up in the current session of Lok Sabha, the lower house of India’s parliament.
Last week, Indian Finance Minister Nirmala Sitharaman answered some questions regarding the cryptocurrency bill and the government’s plan for the crypto sector. It was confirmed by her that the bill has been revised from the version which seeks to ban all cryptocurrencies.
According to reports, the Indian government plans regulate cryptocurrency assets such as bitcoin with the Securities and Exchange Board of India. Other reports suggest that the government wants to prohibit the use crypto as a payment method and set an expiry date for crypto investors to report their holdings. This bill will establish universal know your customer (KYC), guidelines for crypto exchanges.
According to the publication, the note was finalized by the finance minister on the cryptocurrency bill.
However, the government felt that some sections of the bill need more detailed discussions, particularly “the principles underlying the bill” and the broad details of how cryptocurrencies should be treated in India, the news outlet conveyed. One person noted that “discussions are likely to focus on various options and pros and cons of adopting them,” elaborating:
These will be referred to PM for a final decision.
The November meeting was chaired by Prime Minister Modi and included participation from both the RBI and finance ministry. He also encouraged all democratic countries and the RBI to cooperate to prevent cryptocurrencies (especially bitcoin) from falling into wrong hands.
At a U.S. president Joe Biden hosted virtual summit on Friday, Prime Minister David Cameron stated that emerging technologies such as cryptocurrencies are important. should not be undermined but used to support democracy.
What do you think Prime Minister Narendra Modi will decide about India’s crypto regulation? Comment below.
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