As everyone entered the New Year, India has been looking over regulations on the cryptocurrency, till now any guidelines not framed. The government and RBI are looking more cautions over cryptocurrencies, it would take more time for the regulations. The central bank RBI may plan its own cryptocurrency in the future.
No Particular Deadline
The Indian government has already formed a committee on cryptocurrency regulations. The members are still studying the possibilities of regulations. The government is no hurry to take decisions on the acceptance and regulations of cryptocurrency.
According to Pon Radhakrishnan, the minister of State in the Ministry of Finance and Ministry of Shipping stated to the Parliament, on Dec. 28.
“In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations,”
The government of India has appointed a committee, which is consisting of different departments, in Nov. 2017 to examine and advise on the cryptocurrencies. The committee, which is still examining the crypto industry, has not given any clarity over the cryptocurrency. It also looks over the decisions are happening in the world. The members will prepare a draft it may discuss in the coming days.
India’s Own Cryptocurrency Plans
The Central bank of India plans to prepare its own cryptocurrency, but in the recent fall of bitcoin price and cryptocurrencies fluctuations, the RBI once again thinks over its own currency. And, India’s crypto exchange Zebpay has stopped its operations in India. And RBI is still seriously observing the currency laundering and cyber crimes in the country regarding the digital currency.
So in this New Year, every crypto lover is not happy in the country for the delay and no progress on the adoption of cryptocurrency. Hope the positive response will hear from the government.
Please comment your views about the decision of RBI on cryptocurrency.
Very much nice post