Bitcoin News and Finance
India Plans to ‘Fast Track’ New Cryptocurrency Bill, Seeks to Take ‘Middle Path’ to Regulate Crypto: Report Skip to main content

India Plans to ‘Fast Track’ New Cryptocurrency Bill, Seeks to Take ‘Middle Path’ to Regulate Crypto: Report

India Plans to 'Fast Track' New Cryptocurrency Bill, Seeks to Take 'Middle Path' to Regulate Crypto: Report

The Indian government is reportedly trying to “fast track” a modified cryptocurrency bill to be introduced in the winter session of parliament. India’s crypto legislation is expected to take a “middle path” approach to balance all stakeholders’ concerns.

India Reportedly Modifying Crypto Bill to Introduce at the Start of Winter Session of Parliament

India is currently working on cryptocurrency regulation. The government is now considering taking a “middle path” that balances all stakeholders’ concerns to regulate cryptocurrencies, the Economic Times reported Monday, citing an unnamed government source.

An outright ban on cryptocurrencies is not seen as feasible given a large number of Indians are investing in crypto assets, the person explained, adding that making cryptocurrencies legal tender, as El Salvador did, is not an option either. The source said:

A balance has to be found … A middle path that balances the concerns of all stakeholders is more likely.

Policymakers were recently given a presentation, including by the finance ministry, on cryptocurrency, the publication conveyed. It covered the pros and cons of cryptocurrencies, regulation by other countries, crypto investments by Indians, and the view of the central bank, the Reserve Bank of India (RBI), on crypto. India’s central bank has repeatedly said that it has “serious concerns” about crypto which have been communicated to the government.

Another presentation will likely be made on cryptocurrency taxation, the source said, noting that the crypto legislation will go to the Cabinet after legal vetting, which is expected to be in the upcoming winter session of parliament. The winter session starts on Nov. 29.

In addition, CNBC-TV18 reported Monday that the Indian government is working on modifying a proposed cryptocurrency bill. The publication also cited unnamed sources who said the bill is likely to be introduced at the start of the winter session of parliament.

In June 2019, the Indian Ministry of Finance published a draft cryptocurrency bill titled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill.” It recommends banning all cryptocurrencies except state-issued ones. In January this year, a similarly titled bill was listed for consideration in Lok Sabha, the lower house of India’s parliament. However, it was not introduced. Since then, several reports suggest that the government is planning to regulate crypto as an asset class in India instead of banning it. In September, the chairman of India’s Parliamentary Standing Committee on Finance explained that cryptocurrency legislation in India will be “distinct and unique.”

The news outlet further noted Monday that finance ministry officials are trying to “fast track” a modified cryptocurrency bill.

Meanwhile, the RBI is also working on a central bank digital currency (CBDC), planning to unveil a digital rupee model by year-end. The state-backed digital currency is expected to be launched in phases.

Do you think India will come up with a positive crypto regulation? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory