Indian Government Is In Talk With Financial Regulators For Crypto Ban Or Regulation

Indian government authorities are analysing the previous Crypto Ban report which was previously failed to implement.

According to a report, by Bloomberg Quint, Indian government authorities are in discussion with financial regulators and industry stakeholders to analyse the earlier provision that was held for blanket ban on the Cryptocurrency use in India.

Blanket ban: Financial services will not help people & related services which are using Cryptocurrency deals. And on the other side Cryptocurrency will not be considered as legal tender.

In February, Many reports were spreading on social media on behalf of the old crypto ban frame-work provision. But that was fake news which was spread by those people who were looking for attention. 

And in May, RBI officially declared about the Support of banking services to the Cryptocurrency exchanges. 

RBI clearly mentioned on their official website, No one bank is under the restriction of Reserve Bank Of India to provide banking transaction facilities to crypto exchanges.

According to the report of Bloomberg, Whole discussion of Cryptocurrency regulation or ban is totally going on behalf of the crypto ban bill. The main point of the discussion is to go through the crypto ban bill or should they choose an alternative option that enables Cryptocurrency use with lots of regulation rules that can halt any type of illegal activities that are possible with Cryptocurrency adoption.

According to the published article on Bloomberg, there are three issues with the Cryptocurrency.

First two are about regulating Cryptocurrency or directly will hammer ban on Crypto use.

The third issue of this report is, to stop & regulate the activities which are possible with Cryptocurrency use. This issue includes FEMA act & anti money laundering (AML).

Here we should not get into any type of fear. We should see over the positive points.

Because earlier of this crypto ban/regulation news, we went through the many positive news about Cryptocurrency in India, where Supreme court hearing in favour of crypto users, Adoption of blockchain technology, Asset classification of Cryptocurrency etc.

Read also: WazirX is under check by India’s Enforcement Directorate