During next year’s Budget Session of Parliament in February, the Indian government is expected to introduce a new bill to regulate cryptocurrencies in the country. The draft, which was made public earlier this year in India, prohibited private crypto investments and allowed the Reserve Bank of India to launch its own digital money for the first time. Begin your cryptocurrency trading course free to understand the market better.
However, with a growing number of cryptocurrency investors in the country like India it is a big issue to think about. A blooming ecosystem of blockchain applications also makes it hard for outright bans on cryptocurrencies. Join share market courses online India and learn why crypto cannot be banned.
The Issue of Sustaining Integrity In The Face Of Cryptocurrency:
Reserve Bank of India declared a blanket ban once on cryptocurrencies in 2018. India attempted to ban them for the first time and it did not work truly. The move was eventually overturned by the Supreme Court, which ruled that it was unconstitutional and therefore, crypto kept booming in India.
This step made it clear that the government would have to explain clearly why there cannot be any other solutions in India other than a ban and why it has to be the only way to deal with any cryptocurrency-related issues. Get into professional forex trader course and learn the present crypto dealing situation.
According to the Government of India on Crypto:
Top government sources told that the government may not consider a total ban on cryptocurrencies, but that legislation to control the crypto markets might be introduced. To learn the best cryptocurrency trading course join online classes and start trading with confidence.
A government source referred to a meeting on the crypto problem hosted by Prime Minister Narendra Modi on November 13 in which he stated that a consensus was reached that the government’s actions in this field will be progressive & forward-looking. The other issue that was discussed that unregulated crypto marketplaces should not be allowed to become channels for money laundering, terror financing and black money trading. At the meeting, it was resolved that the government will continue to engage pro-actively with experts and other stakeholders. They also considered that as the issue goes across national borders and becomes global, several global collaborations and collective strategies would be required to take any further decision. As a result, it appears that the approach to cryptocurrency is more akin to regulation than outright prohibition. Join stock market courses for beginners to learn more.
The government’s biggest concern with cryptocurrencies is that youth are being misled by over-promising and non-transparent advertising, which might be addressed by law. To learn more about the crypto trading and why India cannot put a ban, join today.