India Should Work To Regulate Cryptocurrencies Rather Than Considering A Ban.

India Should Work To Regulate Cryptocurrencies Rather Than Considering A Ban.

2021-02-01 | Selina Mathew

India Should Work To Regulate Cryptocurrencies Rather Than Considering A Ban.

The founder & Chief Executive Officer of the cryptocurrency exchange Cashaa, Kumar Gaurav, added that the Indian government’s latest efforts to manage cryptocurrencies are more of an effort to stop illicit activities within the industry instead of considering a ban on cryptocurrencies. In line with an official announcement released by the Parliament of India earlier on Friday, the administration is going to be considering a bill intended to "prohibit all private crypto-assets" while also creating a regulatory framework for a digital rupee issued by the RBI of India. The central bank revealed last week that it might be "exploring the possibility" of a cryptocurrency. However, the bill also says it'll leave "certain exceptions to market the underlying technology of crypto assets as well as its uses." According to Gaurav, the Cashaa CEO added that "there is not any way any government" can ban crypto given its nature as a worldwide and decentralized system. Moreover, he was uncertain on what India’s parliament was pertaining to with the term "private crypto assets. "
"They can certainly ban the legitimate use of crypto which can only make it difficult for a standard one that doesn't know it to urge involved in it," added Gaurav. “However, what we understand is that the Indian government is trying to clamp down on scams that are running beneath the name of Bitcoin."
He explained:
“We are positive that the govt will come up with regulations and policies which will put control on the scams and let the innovation within the industry [...] grow and thrive.”
India’s government has had a sophisticated relationship with cryptocurrency. The country’s supreme court effectively overturned a blanket ban on crypto that the RBI had imposed on cryptocurrency businesses for nearly two years. Though India’s parliament has largely not taken a firm position on regulating virtual currency since that point, reports from August suggested that the administration was working towards banning cryptocurrencies. The proposed legislation, the Cryptocurrency, and Regulation of Official Digital Currency Bill, is being considered within the Rajya Sabha as a part of its budget session. The Bharatiya Janata Party of the National Democratic Alliance currently controls both houses of the country's bicameral legislature.

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