Cryptocurrency RegulationIndiaNews

India to Consider Cryptocurrency Regulations Rather Than a Ban

After discussing banning crypto activities, India is now planning to change the events. Recent reports suggest that the Indian government had formulated a new board of professionals to implement precise crypto regulations.

Events Change in India

India has remained uncertain about cryptocurrency accomplishments for years. In 2018, an Indian bank banned all its clients involved with crypto assets. However, the Indian Supreme Court overturned that stand after two years.

Although the residents we open to accept crypto trading, the regulators continued to insist on a ban. Keep in mind that different individuals and institutions across the globe have indulged in the crypto business. It seems like India is skeptical about crypto decisions due to the returns the industry has for now.

In March, there were reports that India was planning to criminalize cryptocurrency dealings. That means that the country would consider anyone involved in the crypto market a criminal.

The Economic Times reported that the Indian government could reverse its crypto trading decisions. That is after given institutions opposed the harsh measures towards crypto trading. The statement quoting three sources informed of interior negotiations declared that the regulators might formulate a board of experts. The officials will study whether there are possibilities for India to consider crypto regulations instead of banning the industry.

📰 Also read:  Court Hands Florida Man a 20-Year Jail Term Over Crypto Ponzi Scheme

The new approach aims to address what Subhash Gard recommended back in 2019. The former financial secretary advised the Indian government to ban residents from indulging in crypto business. However, the new board sees his recommendations as outdated.

Different nations are revisiting their crypto regulations at the moment. For instance, the US OCC plans to review its rules regarding cryptocurrency business.

Digital Assets or Currencies

Moreover, the sources stated that the Indian finance ministry revisited its decisions after the current surges in most digital coins. You cannot doubt that 2021 has been a smooth year for crypto undertakings. Different assets have witnessed an increase in value in trading volumes. That follows locals embracing cryptocurrency.

The committee further announced that it will use blockchain to enhance technology and find new crypto regulation ways to rule crypto objects as digital assets and not currencies.

📰 Also read:  A Deep Dive Into Crypto Laws and Regulations in Turkey

Furthermore, the board plans to work with the country’s central bank concerning the launch of a digital rupee.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Price Analysis October 28th, 2024 - BTC, BNB, ETH, SOL, and DOGE

Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content