Indian Government to Set up Panel of Experts to Take a Fresh Look at Regulating Cryptocurrencies: Report

Indian Government to Set up Panel of Experts to Take a Fresh Look at Regulating Cryptocurrencies: Report
фото показано с : news.bitcoin.com

2021-5-20 08:30

The Indian government is reportedly looking to form a new “panel of experts” to focus on ways to regulate the cryptocurrency industry in the country. “There is a view within the government that the recommendations made by Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban,” local media reported.

Indian Government Re-Examining Crypto Bill

The Indian government is considering forming a new “panel of experts to study the possibility of regulating cryptocurrency in India,” The Economic Times reported Wednesday, citing three sources privy of the discussions.

The committee could be exploring the use of blockchain technology and suggesting ways to regulate cryptos as digital assets instead of a currency. It may also study ways to operationalize the digital rupee to be created by the central bank, the Reserve Bank of India (RBI). An official familiar with the matter told the publication:

There is a view within the government that the recommendations made by Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban.

The Garg committee drafted a cryptocurrency bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.” It was published in July 2019. The draft bill recommends a blanket bank on cryptocurrencies except for state-issued ones.

Soon after the bill was published, Garg left his position in government. He recently explained that when his committee drafted the crypto bill, cryptocurrencies were mainly used as a currency. Now that they are widely used as assets, he has urged the government to regulate them as crypto assets.

if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

Earlier this year, the Indian government planned to introduce a bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021.” While the content of the bill has not been made public, many suspect that it is based on the bill drafted by the Garg committed. The bill was scheduled to be introduced during the Budget session of parliament. However, the session ended and the crypto bill was not introduced.

Regarding the formation of the panel of experts, the discussions are at an early stage and the finance ministry is monitoring the growing volume of cryptocurrency trading in the country, sources told the publication. Among the people being considered to be part of the new committee is Minister of State for Finance and Corporate Affairs, Anurag Thakur. In February, the minister said that the crypto bill “is being finalized and would be sent to the Cabinet soon.”

Do you think the Indian government will still ban cryptocurrencies? Let us know in the comments section below.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

LookCoin (LOOK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 LOOK

government panel indian look fresh experts garg

government panel → Результатов: 46


Indian Govt. Backpedddling Bitcoin Ban? New Panel Planned to Study Crypto Regulations

The government of India may form a new panel of experts to study the regulation around cryptocurrencies in the country, reported the local publication citing sources privy to the discussions. A committee headed by former finance secretary, Subhash Garg in 2019, had recommended a blanket ban on crypto-assets which has now been seen as outdated.

2021-5-19 15:51


Фото:

South Africa: Government Panel Proposes Strict Crypto Regulations

An intergovernmental panel in South Africa comprising the central bank, treasury, and financial regulators is calling for the enactment of strict crypto regulations in the country. Strict Crypto Policing in South Africa In a paper published by the Intergovernmental Fintech Working Group (IFWG) in South Africa, the government panel argued for the establishment of aRead MoreRead More.

2020-4-18 17:00


Tron CEO Justin Sun Surfaces, DENIES ‘Completely Untrue’ Rumors

  Tron CEO Justin Sun has finally emerged to deny allegations that he is on the lam and not, as he said yesterday, suffering from kidney stones. Do Chinese Cops Want You or Not, Justin Sun? Caixin, a Chinese financial publication, earlier reported that a government panel had reviewed Sun’s business activities – between his […] The post Tron CEO Justin Sun Surfaces, DENIES ‘Completely Untrue’ Rumors appeared first on CCN Markets

2019-7-24 20:52


Austrian Digital Affairs Minister Doesn’t See the Need for Country’s Use of Blockchain in Regulation

Margarete Schramboeck, the Austrian Minister of Digital and Economic Affairs, has recently affirmed that the country does not need any kind of regulation for the blockchain. She talked about the subject in the ANON Blockchain Summit, in which she participated in the “the role of the government in the age of the blockchain” panel. The […]

2019-4-3 04:47


Japan places cryptocurrencies into new category called “crypto-assets” to prevent confusion with legal tender

The Japanese Financial Services Agency (FSA) has placed cryptocurrencies into a new legal category called “crypto-assets,” according to English-language local media The Japan News. By classifying cryptocurrencies this way, the government reportedly “hopes that traders will no longer purchase them believing that they are legal tender recognized by the government.” The FSA advisory panel compiled […]

2018-12-18 20:51


India May Treat Cryptocurrencies as Commodities Rather Than Ban Them

India is reportedly not going to issue a blanket ban on cryptocurrencies, but may label them as commodities, according to a source familiar with the situation. In a report from Quartz, a senior government official, who requested anonymity, stated that they don’t think the panel set up to look into digital currencies ‘is really thinking […] The post India May Treat Cryptocurrencies as Commodities Rather Than Ban Them appeared first on Coinjournal.

2018-7-13 16:53


Фото:

India Unlikely to Issue Blanket Ban on Cryptocurrency

Government officials in India have indicated that the government may adopt a more measured approach to regulating the cryptocurrency market.   We Don’t Want to Ban Cryptocurrencies Altogether In yet another twist to the unending saga of India’s stance on cryptocurrency market, recent comments from government officials indicate that the country may not ban virtual currencies entirely.

2018-7-11 17:00


Фото:

India ‘Not in Favor’ of Banning Cryptocurrency (Reports)

The Indian government is reportedly “not in favor” of banning cryptocurrency, new sources claim June 13. Gov’t vs. Central Bank Citing local financial company Cogencis, local news media outlet Economic Times said a dedicated panel studying cryptocurrency “may suggest allowing cryptocurrency,” but with undisclosed “riders” – or provisos – about its usage.

2018-6-13 16:00