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Wednesday, 10 October 2018

India's regulations on cryptocurrency




India's regulations on cryptocurrency 

What is the crypto- monetary system? Starter Guide
It will come now only by the end of the year to the long- awaited regulations on the Indian cryptocurrency ecosystem. This is because a panel of finance ministries still evaluates how blockchain and cryptocurrencies should be treated independently. 
Although the government of Narendra Modi and the Reserve Bank of India( RBI) expressed a desire for blockchain, they were suspicious.
The panel established in December 2017 under the chair of Subhash Chandra Garg, Economic Affairs Secretary, was scheduled to submit its proposal by July for proposals on cryptocurrencies. It now "looks hard," the panel's discussions are privilege based on a senior government official.
" Much needs to be done and a lot needs to be studied," the official added, asking for anonymity. "The problem is very difficult. The main problem with the panel is whether regulations can be developed to independently press the use of blockchain. For every cryptocurrency transaction, Blockchain is a digitized and decentralized public ledger. 

This tool is mainly a bookkeeping platform that is no one owns but can be reached on the Internet, if the financial application is removed from it.
" An interesting thing is Blockchain. For financial transactions, we definitely want to make it milkable. So every official tried to understand how to use blockchain separately, without cryptocurrency," explained the official. "And it takes time to comprehend new software." An email was sent to the Ministry of Finance without reply.

Crypto versus blockchain

Meanwhile, India's cryptocurrency community representatives met with the government to give them a better understanding of the matter. 

Ajeet Khurana, former head of the Blockchain and Cryptocurrency Committee, a lobby of bitcap players in India said "In fact, we had one meeting specifically on this issue." "You can not have a token by excluding cryptocurrencies and a public blockchain. Moreover, an Internet- like public blockchain is and nobody can control it."
" If a common man participates in a blockchain which can be used to mine or confirm a particular transaction, resources are needed. Investors are then encouraged by the payment in cryptocurrencies, which makes no sense when these digital coins are removed from the equation," explained Shubham Yadav, co- founder of the Pune- based cryptocurrency exchange Coindelta.

The dilemma of cryptocurrency

Sincerely, since April 2017, the Modi government has examined the cryptocurrency ecosystem by setting up a panel of officials from the Ministry of Finance, RBI and the Indian Securities and Exchange Council( SEBI). This group recommended that the industry be slowly shocked, primarily to protect investors.
The Government subsequently appointed the commission of the Garg in December 2017, which wiped out the ban on cryptocurrencies and considered them a commodity instead. "It's all about trade regulation, and we have to know where the money comes from. It can allow us to regulate trade more effectively by allowing it as a( a) commodity," a government official told Quartz last month.
But India has already pushed the cryptocurrency ecosystem into a corner. The RBI split the flash on exchanges earlier this year and asked banks to end all business relations with them and investors. Several exchanges in the high court have since challenged the RBI. Sept has been set a final date for hearing the matter. 

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