Fun

India’s Cryptocurrency Legislation Will Be ‘Distinct and Unique,’ Says Lawmaker

News Feed - 2021-09-09 10:09:39

India"s Cryptocurrency Legislation Will Be "Distinct and Unique," Says Lawmaker


The chairman of India’s Parliamentary Standing Committee on Finance explains that cryptocurrency legislation in India will be “distinct and unique.” He added, “We have to balance stability and growth but we recognize how important this whole area of crypto is.” Lawmaker Provides an Update on Crypto Legislation


Jayant Sinha, a lawmaker of the ruling Bharatiya Janata Party, talked about India’s cryptocurrency legislation Wednesday at an event organized by the Blockchain and Crypto Assets Council (BACC) of Internet and Mobile Association of India (IAMAI).


Sinha, who is the chairman of India’s Parliamentary Standing Committee on Finance, explained that it is not possible for India to adopt the cryptocurrency policies used in advanced economies because the nation still does not have a full capital account convertibility. He clarified that India’s crypto policies will not follow the U.S., Japan, or El Salvador, the country which made bitcoin legal tender this week.


The lawmaker elaborated: Our solution will have to be distinct and unique simply because of our unique circumstances. We have to balance stability and growth but we recognize how important this whole area of crypto is.


Furthermore, he noted that the committee will consider crypto legislation with national security in mind, adding: “We have to be very watchful about what happens to these crypto assets and cryptocurrencies. Use of these kinds of crypto instruments in terror financing and for domestic security threats is something we have to be mindful of.”


On Tuesday, a former deputy governor of the Reserve Bank of India (RBI), R. Gandhi, said that crypto must be regulated as an asset or commodity in India and governed by existing laws. He explained that “Once cryptocurrencies are accepted, rules governing commodity exchanges could apply and the coins could be used to pay for goods and services,” Bloomberg conveyed, and quoted him as saying, “Then automatically people can start buying, selling and holding.”


According to a recent report, the Indian government is planning to regulate crypto assets as commodities and by use cases. Previously, there were reports of the government planning to ban all cryptocurrencies like bitcoin, allowing only central bank digital currencies (CBDCs) to be issued by the RBI. Meanwhile, the central bank is planning to unveil a digital rupee model by the end of the year.


What do you think about India’s approach to crypto regulation? Let us know in the comments section below. Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market REGULATION | 2 hours ago "SEC Will Stop at Nothing to Control Entire Crypto Space," Says Former Federal Prosecutor REGULATION | 12 hours ago Tags in this story Assets, commodities, crypto legislation, Crypto regulation, Cryptocurrency regulation, India, india crypto, indian crypto, indian government, National Security, parliament, RBI


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Morgan Stanley: Cryptocurrencies Here to Stay as Serious Asset Class, Bitcoin Making Progress to Replace Dollar
Morgan Stanley: Cryptocurrencies Here to Stay as Serious Asset Class, Bitcoin Making Progress to Replace Dollar Morgan Stanley’s chief global strategist sa
Turner Wright2 hours agoBinance.US market share drops below 1% amid regulatory lawsuit: ReportThe U.S. market share of Binance.US has reportedly dropped amid a Securities and Exchange Commission lawsuit, while Coinbase
Börse Stuttgart, ECB cut settlement time in blockchain test
Josh O"Sullivan13 hours agoBörse Stuttgart, ECB cut settlement time in blockchain testBörse Stuttgart Group’s blockchain test, in collaboration with the European Central Bank, aims to revolutionize securities transac
Bitcoin miner profits drop as halving, power costs weigh — JPMorgan
Alex O’Donnell4 hours agoBitcoin miner profits drop as halving, power costs weigh — JPMorganBTC miners are struggling to adapt to a post-halving environment. 1280 Total views30 Total sharesListen to article 0:00News
Russian Founders of Defi Platform Forsage Indicted in $340 Million Crypto Ponzi Scheme
Russian Founders of Defi Platform Forsage Indicted in $340 Million Crypto Ponzi Scheme Four Russians have been charged in the U.S. with operating a crypto pyramid and Ponzi scheme
House Republicans Demand Answers From SEC Over FTX Co-Founder’s Arrest
House Republicans Demand Answers From SEC Over FTX Co-Founder"s Arrest On Feb. 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, both members o
Price analysis 11/29: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX
Rakesh Upadhyay5 hours agoPrice analysis 11/29: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAXBitcoin is struggling to sustain above $38,000, but the bulls have not given up much ground, which some analysts say incr
Argentine Soccer Association AFA Partners With Upland to Enter the Metaverse
Argentine Soccer Association AFA Partners With Upland to Enter the Metaverse The Argentine Soccer Association, AFA, has partnered with Upland, a virtual world platform, to introduc
Unido – Leading the Race at Bridging Institutional Investors to Crypto Markets
Unido - Leading the Race at Bridging Institutional Investors to Crypto Markets sponsored To demonstrate the use case and commercial viability of Unido Enterprise
Mastercard to Help Banks Offer Crypto Trading — Executive Says Crypto Is on the ‘Cusp of Really Going Mainstream’
Mastercard to Help Banks Offer Crypto Trading — Executive Says Crypto Is on the "Cusp of Really Going Mainstream" Payments giant Mastercard has introduced a new program called Cr
Blockchain Platform to Set up a Tokenization Solution for Argentinean Farmers as Peso Keeps Plummeting
Blockchain Platform to Set up a Tokenization Solution for Argentinean Farmers as Peso Keeps Plummeting With Argentineans facing rising inflation to near 40%, sol
Nigerian City of Lagos Among the World’s Top 20 Crypto Hub Cities — Study
Nigerian City of Lagos Among the World"s Top 20 Crypto Hub Cities — Study According to the findings of a study by Recap, the crypto asset management firm, the Nigerian city of La