India plans gradual steps towards digital currency regulation
The Indian government has shown an unstable relationship with digital currency in recent years. In 2018, the Reserve Bank of India (RBI) banned digital currency transactions, which the Supreme Court ruled on March 4, 2020, declaring it unconstitutional.
Unfortunately, 2021 did not bring good news to the digital currency market as it faced another setback after the government banned all private and non-government backed digital currencies except some. government regulated technologies.
Despite all of the Reserve Bank of India’s criticism of digital currency, it was reported last September that the country had started to develop its own digital currency. This is leading to speculation that the government is taking incremental steps towards the future of digital currency in India, which is great news for the advancement of digital assets like Bitcoin.
India’s plans for digital currency
Prime Minister Narendra Modi hinted at the Indian government’s plans to take “progressive and” forward-looking “action on the future of digital currency in the country, following an open rebuke on how to stop the deceptive digital currency advertisements.
This information was published by sources affiliated with Asia News International (ANI), a leading news agency in India.
“It was strongly felt that attempts to deceive young people through overly promising and non-transparent advertisements should be stopped. Nonetheless, “there was also a consensus that the actions taken in the area of cryptocurrency and related issues by the government will be progressive and forward-looking. The government will continue to proactively engage with experts and other stakeholders. ANI posted on Twitter.
It was also discussed that unregulated crypto markets cannot become avenues for money laundering and terrorist financing. Government is aware that this is an evolving technology, which is why the government will closely monitor and take proactive action: government sources
– ANI (@ANI) November 13, 2021
On top of that, the government agrees that digital currency is evolving as a technology and has said it will play its role through close monitoring and positive action.
The information came to light alongside the recently published attack on ruling party Bhartiya Janta by India’s main opposition party, the Indian National Congress (INC), regarding an alleged digital currency scam in Karnataka.
The ruling party is accused of hiding the digital currency scam and has been asked to produce the names of the people who facilitated the illegal activity.
“This is a case of intrigue, whitewashing, cover-up and deception that exudes a deep-rooted conspiracy. This is the biggest Bitcoin scam cover-up ever in India under the Karnataka BJP government… ”INC spokesperson Randeep Singh Surjewala said at a press conference. press conference.
“Instead of conducting a fair investigation, the BJP government in Karnataka appears to be concerned about a cover-up,” he added.
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