o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Indian Gov’t to Approach Crypto Regulation ‘With Due Caution’

Posted on December 31, 2018 by nbelov

Previous suggestions of a lasting stance on crypto from India’s government appear to have been overturned by fresh comments.

The Indian government is approaching cryptocurrency regulation with caution, tech magazine Quartz reported Dec. 31, quoting Pon Radhakrishnan, the Minister of State in the Ministry of Finance and Ministry of Shipping.

The latest episode in India’s increasingly drawn-out path to formalizing its domestic cryptocurrency economy, Radhakrishnan said that the lack of a “globally acceptable solution” meant lawmakers were unlikely to issue formal statues in the short term.

Addressing the lower house of parliament, the Lok Sabha, on Dec. 28, he said:

“In absence of a globally acceptable solution and the need to devise 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.”

India currently enforces a ban on banks servicing cryptocurrency-related operations. Enacted in July, the Reserve Bank of India’s rule has led to the exit of several local businesses and a Supreme Court challenge.

Thus far, neither the central bank nor the government has been moved by the consumer backlash, a governmental panel source earlier this month suggesting making cryptocurrency partially illegal was still on the cards.

Nonetheless, this week saw the same panel reportedly signal it would be in favor of regulation over criminalization of the sector.

At present, it remains legal to own cryptocurrency in India, but some parties have publicly stated as of October that they consider such ownership illegal.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Blockchain in Education Market Expected to Witness a Sustainable Growth Over 2029 | Sony Global Education, odem.ioÂ, Open Source University – Designer Women – Designer Women July 1, 2022
  • Ripple: Government of Colombia Set to Utilize XRPL Blockchain for Land Registry – U.Today July 1, 2022
  • Blockchain Identity Management Market 2022-2028: Featuring Key Players Amazon Web Services Inc., Microsoft, IBM & Others – ResearchAndMarkets.com – Business Wire July 1, 2022
  • $23.3 Billion Global Web 3.0 Blockchain Market Growth with GAGR of 41.6% 2022-2028 | The Benefits such as Improved Privacy & Secure Network Driving the Market – GlobeNewswire July 1, 2022
  • Blockchain Bites: A$DC used in Carbon Credit purchase; Three Arrows to be liquidated in BVI; Laying the first blocks of US crypto regulatory reform; Hong Kong to licence VASPs and regulate market conduct – Lexology July 1, 2022
  • Minima's cooperative Blockchain network reaches 120000 complete nodes – IBS Intelligence July 1, 2022
  • 'Global Economy Can Be Fixed By Digital Transformation And Blockchain Technology' – Entrepreneur July 1, 2022
  • Global Blockchain Technology in Healthcare Market Report 2022-2027: Rising Application of Blockchain in Healthcare Claims and Billing Driving Growth – ResearchAndMarkets.com – Business Wire July 1, 2022
  • Laura K. Inamedinova on Maximizing Press for Blockchain Projects – Crypto Mode July 1, 2022
  • Coinbase denies reports of selling customer data to the US government July 1, 2022
  • Not giving up: VanEck refiles with SEC for spot Bitcoin ETF July 1, 2022
  • Bitcoin price: June close barely beats 2017 high as Coinbase Premium flips positive July 1, 2022
  • Key Takeaways | Crypto, Smart Contracts and Blockchain—Execution and Innovation – Lexology July 1, 2022
  • MakerDAO members shoot down proposal for more centralization July 1, 2022
  • OwlTing enlists Dow Jones database to enhance blockchain transaction security – DIGITIMES July 1, 2022
  • Multisigs mean funds in bridges are 'one small slipup' from being hacked July 1, 2022
  • Hundreds of Bored Ape owners sign up to hire out their NFTs to brands July 1, 2022
  • Better days ahead with crypto deleveraging coming to an end: JPMorgan July 1, 2022
  • Ethereum fork a success as Sepolia testnet gears up to trial the Merge July 1, 2022
  • Worst quarter in 11 years as Bitcoin price and activity plunges July 1, 2022
  • Societe Generale – FORGE selects METACO to manage blockchain asset capabilities – CryptoNinjas July 1, 2022
  • BnkToTheFuture unveils 3 proposals to rescue Celsius from oblivion July 1, 2022
  • EU agrees on MiCA regulation to crack down on crypto and stablecoins July 1, 2022
  • Kalima – A new way to collect, protect and monetize data using Blockchain for IoT – CryptoNinjas July 1, 2022
  • FTX Abandoned Discussions to Celsius Network Acquisition – Report – Blockchain.News July 1, 2022
  • Xinghuo BIF and Zetrix Jointly Introduce Web3 Services: Blockchain Identity/Verifiable Credentials and Contract Signing – GlobeNewswire July 1, 2022
  • Rewards4Earth plans to roll out crypto rewards to 1000 sports clubs in Australia July 1, 2022
  • Klever goes live with Mainnet of its native blockchain – FinanceFeeds July 1, 2022
  • CoinAgenda Announces First Round of Speakers for Ninth Annual Las Vegas and Sixth Annual Puerto Rico Web3, Blockchain and Crypto Conferences – GlobeNewswire June 30, 2022
  • Blockchain.com Cooperating With Investigations Into Three Arrows – Bloomberg June 30, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com