No ban on cryptocurrencies, but.. central government will make important decisions..!
The Government of India has also entered the arena as countries around the world quickly make important decisions regarding cryptocurrency investment and production. It is well known that the central government, headed by Prime Minister Narendra Modi, has established a parliamentary standing committee to make decisions and review cryptocurrencies.
At the first consultation meeting of the National Assembly Standing Committee on Cryptocurrencies, several important issues were discussed and important decisions were made.
End of India
The federal government is in a position to take the crucial decision on whether to close down crypto-based commerce in general like India and China, which are home to many young investors. and support the use of cryptocurrencies such as the US, UK and Europe.
Jayant Sinha
For this, a permanent parliamentary finance committee was established under the chairmanship of Jayant Sinha. The group held consultations with several key officials and experts in the crypto industry on Monday. More advice from IIM College has been added.
Cryptocurrencies
At the first consultation meeting of the Parliament’s Standing Finance Committee, which was established for cryptocurrencies, most experts said that India’s ban on cryptocurrencies will not What benefits does it bring, but similar regulation of the crypto market will benefit India in many ways in the future through regulated exchanges.
National Assembly Standing Committee
In this context, it was announced that the next consultation meeting will take place soon. Since cryptocurrency has become the most important investment in India and attracted a large number of investors in a short time, the decision must be made quickly.
Key issues
Also during the meeting, some cryptocurrencies suggested that discipline should be regulated and investors should be protected from risk due to high returns. The meeting also reported that there were a lot of cryptocurrency ads that weren’t transparent.
Central Government
Modified central government has prepared a bill on cryptocurrencies. Notifications should be made when the budget is released. It is worth noting that the plan to ban all private crypto exchanges in India was also discussed a few months ago.
Misconduct
Attempting to mislead by making exaggerated promises in non-transparent crypto-related advertisements should also be stopped. Prime Minister Modi stressed that legal and disciplinary action should be taken against these violators as soon as possible. Chapter
Financial terrorism?
Such unregulated digital markets can never become a source of money laundering and terrorist financing. The Modified consultation meeting appears to have discussed the issues of money laundering and terrorist financing.
Reserve Bank President warns
RBI President Shaktikant Das previously warned about cryptocurrencies.
The Reserve Bank has established a committee to study cryptocurrencies. The panel is expected to publish a full report soon. Previously, the Reserve Bank issued a statement banning cryptocurrencies. But the ban was lifted by the Supreme Court last March. Only then did the Reserve Bank set up a committee in February of this year to propose a solution to this digital problem. Remarkable.
All in all, the much-anticipated major crypto regulations are coming soon.
