Bitcoin enters into the political matters of India
A recent tweet of politician Rahul Gandhi shifted the Bitcoin and crypto matter to the Indian prime minister Narendra Modi.
According to reports, current crypto regulation-related matters are under high-level discussion because of the involvement of Bitcoin in the illegal fund transactions between Indian politicians.
On 13th November, Rahul Gandhi- former Congress Party President- tweeted on the Bitcoin-related scam and said ‘Bitcoin Scam will cover the scam”.
This tweet of Rahul Gandhi was an indication that the Indian ruling government will hide the scam because of the anonymous nature and no rules on the crypto sector.
Now according to reports, Prime Minister of India Narendra Modi did discuss crypto-related matters. And all happened after the separate meeting of the RBI, the Finance Ministry, and the Home Ministry.
To give light on the matters of crypto, Ashish Singhal, Founder and CEO of CoinSwitch Kuber, and Sumit Gupta, Co-Founder, and CEO of CoinDCX were present in the meeting.
Reports also said that the Parliamentary Standing Committee on Finance will also hold another meeting on 15 November with other crypto participants.
India on crypto regulation
Recent reports indicated that the Indian government will not go toward crypto with very bad or good decisions. They will choose their stance in between of these. So crypto will get legal status but under highly strict rules.
“A middle path that balances the concerns of all stakeholders is more likely”, the source noted
The current situation in crypto-related matters in India sounds like they are going to decide on crypto quickly. Because at one side they planned to introduce the bill in the parliament session by Feb 2022 but recent reports claimed that they will do the same in the middle of November. So probably the situation is something different for now and hopefully, we will be able to see India’s crypto bill soon.
Read also: Bloomberg analyst says Bitcoin May Be The Best Inflation Hedge
