Speaking at the Crypto Asset Conference HODL – 2021, hosted by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), Sinha said India is headed for the US, Japan or El Salvador in its approach to cryptocurrencies. will not work. He also said that once it is approved by Parliament, the process of regulating cryptocurrencies will “include the views of stakeholders”.
Sinha said, “It will be good if we have global standards and then something out there that will be unique to India that can be developed and worked on.” The MP also said the country should consider US legislation on cryptocurrencies, bearing in mind national security concerns. In late January, the government introduced a bill to ban “all private cryptocurrencies” in the country and develop a framework to make it an official digital currency issued by the Reserve Bank of India (RBI). Days after that bill was mentioned in the Lok Sabha bulletin, Finance Minister Anurag Singh Thakur said, in response to a question in the Rajya Sabha, that the government “does not consider cryptocurrency as legal tender or a currency”. He also stressed that the government will take all measures to eliminate the use of crypto assets to fund illegal activities or as part of payment systems.
At the same time, the RBI’s ban on cryptocurrencies, which was lifted by the Supreme Court last year, has raised concerns among investors in the country. However, major cryptocurrency stakeholders are still optimistic and view Sinha’s latest comments as a sign of a positive move by the government.
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