India takes one step closer to full crypto Currency adoption


India takes one step closer to full cryptocurrency adoption


  •  The Parliamentary panel says cryptocurrency can't be stopped, so set it up.

  • The review meeting follows months of extensive consultations.

  • The RBI continues to oppose the authorization of cryptocurrencies, whether regulated or not.


    Connecting the potential of cryptocurrency to facilitate money laundering and enable terrorism while being aware of the long-term inevitability of cryptocurrencies, the Indian government is poised to regulate cryptocurrency. The issue was discussed at the highest level on November 13, and a cryptocurrency bill will likely be introduced during the winter session of Parliament.


    A meeting chaired by Prime Minister Narendra Modi discussed cryptocurrency and it emerged that the government was seriously concerned. that anti-Indian elements are manipulating young people with "overly promising advertisements" and "misleading advertisements".



This needs to be stopped, the meeting concluded. The review meeting followed months of elaborate consultation involving the RBI, the Ministry of Finance, the Home Office, and cryptocurrency experts from India and abroad. Meanwhile, a parliamentary panel first discussed the fate of cryptocurrencies in India on Monday, where consensus emerged that cryptocurrencies cannot be stopped, so they should be regulated. The Standing Committee on Finance, chaired by former Finance Minister Jayant Sinha, had invited a wide range of stakeholders from the cryptocurrency industry, including stock exchanges and industry bodies.


Ahead of the meeting, Sinha told the media: “We called on industry stakeholders, including major exchange operators, ICN members, and academics from the Indian Institute of Management (IIM) Ahmedabad, who conducted a  study on crypto finance.


     While a consensus appeared to have emerged on the need to provide a regulatory framework for the smooth and legitimate operation of the cryptocurrency industry in the country, there was no unanimity on who should be the regulator. be free to launder money and finance terrorism. The government is nervous and fears "evolving technology." Hence the decision to "monitor closely And the need to take "proactive measures”! The developments also arose when a British poll, held just ahead of the 26th United Nations Conference on Climate Change in Glasgow, Scotland, found that a majority in the United Kingdom South would have a ban on cryptocurrency. Unlike the UK, however, there is no indication that Indians want a "ban" on cryptocurrency.




    The Modi government has said it has a "progressive, forward-looking" approach and will engage not only with stakeholders in India but also in contact with international partners. The RBI has constantly warned against cryptocurrencies, pointing out that they pose a serious threat to the Indian economy and its financial system. India's central bank is not convinced by the overly ambitious claims on cryptocurrencies and their alleged market value.


    The RBI opposes cryptocurrencies - regulated or unregulated - occupying space in the country's financial corridors. An internal RBI report on the matter will be released in December; however, the government will not make any decision. "Strong regulatory measures'' are more likely to be on the anvil. The words "progressive and far-sighted" indicated the government's thinking on the issue. The fact that cryptocurrencies extend geographic boundaries cannot be ignored. The whole world is involved and global best practices will have their say. Everything suggests that the government wants to define a digital currency policy that will stand the test of time. "And the opacity surrounding cryptocurrency advertising. Regulatory measures could be legal final.