Crypto regulation, even though seen as the solution to major illicit affairs in the crypto sector, has done more harm than good to legal crypto traders. Even though the regulations have been able to bring some of the malicious actors to book, others have removed the feel of trading crypto from the sector.
Crypto was initially designed to be an anonymous peer to the peer payments system, but regulators have rolled out regulations that have robbed traders of that opportunity. Going by the news coming out of India, the new legislative regulation that would see the enforcement of the use of only the digital rupee may be passed sooner rather than later.
Traders are wary about the new regulations
In the recent news that is making the headlines now, India’s legislative arm plans to move quickly and cement the law into place. Even though the regulators are claiming that the law is for the benefit of all traders across the country, the traders are worried that they might have some tricks up their sleeves.
In the new report, the country wants to kick out digital assets owned by private outfits as they are hoping to establish their digital currency. The latest report says that the government is considering the ordinance route to pass the law as fast as possible. The ordinance route in question is like an executive order from above because the law would not need to go through so many processes.
Also read:It is the same things like the executive order that is given by the President of the United States anytime a law is to be cemented in place. According to the details of the “ordinance route” that the regulators are looking at, the President would be the one to give the order after he has met with various members of the cabinet.
The details of the ordinance remain unknown to everyone
Even though the latest news shows that they are planning to take the ordinance route, it can only come in effect if parliament is inactive at the time. According to a reporter who cited his reports in an unknown source, he mentioned that they want the law passed as soon as possible. He noted that according to the last meeting held on February 3, the cabinet members have already given the go-ahead, and only the President can give the order now.
Presently, the ordinance is being prepared, and it would be passed into law in the coming weeks, as said by the reporter. Even though there are several rumors on the content of the ordinance, a strong source in the country has said that no one knows for sure what the ordinance contains.
Despite the content relatively unknown, rumors are saying that if the bill is eventually passed, it could drag crypto in the country back by a mile and cripple innovations across the country. Responding to the news, the Indian crypto community has continued to show support for digital assets after their trending hashtags on microblogging platform Twitter amid support from WaxirX founder Nuschal Shetty.
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