Jayant Sinha explained why there is no chance for India’s crypto regulatory bill for the next 12 to 18 months.
Jayant Sinha is Chairman of the Standing Committee on Finance in India’s Parliament and a Minister of Parliament from the ruling Bharatiya Janata Party (BJP). Since 2014, the BJP has been the ruling party in India. BJP politician Narendra Modi is the Indian prime minister, who is popular throughout the whole world, believes that crypto sector needed to be regulated under global standard.
Recently in a CoinDesk interview at India Blockchain Week in Bengaluru (India), Jayanti Sinha said that the regulatory bodies & policymakers are engaged in the crypto regulatory efforts simultaneously with caution of safety protocols.
Sinha said “Regulators and policymakers are responsible, not just on the innovation side, which of course we want to encourage, but also on the safety side. Furthermore added, “We have to find that balance and that balance is going to evolve over the next 12 to 18 months.”
According to Sinha, there are some big confusions between Crypto & Web3 difference and these two should be categorised on behalf of the use cases to make it sure that which one have a better potential for India.
This government minister also confirmed that 2024 is a busy year for India, the US, & UK because of elections. So there are very rare chances to see any global crypto regulatory framework or related bills.
In the last, Sinha compared India’s economy with South Korea, Singapore, & US. He said that it is easy for people to trade different currencies against native fiat currency but this is not easy for people in India, so Indian policymakers will give huge attention to the risks associated with crypto-INR.
Recently we reported that the Indian finance ministry published a few pages related to cryptocurrency activities in India.
CoinDcx CEO Sumit Gupta shared that government-level activities related to cryptocurrencies and said that we should be optimistic with crypto regulation possibilities.