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Soon after, Finance Minister Nirmala Sitharaman informed Parliament that the Reserve Bank India supports Ban on cryptocurrency But the Indian government will regulate digital assets based on the global framework, and the Indian crypto community said the country should take steps to understand and benefit from best practices associated with the asset class. Some experts even agreed on the position of the Reserve Bank of India Cryptocurrency They cannot be regular coins.
“What the Finance Minister has mentioned in Parliament are two well-known positions, first, that RBI does not favor Cryptos and second, that the government wants to be in sync with global regulations. What we are saying is that governments in WazirX are saying that governments in All over the world are studying how to regulate Crypto.
“Cryptocurrencies are by definition without borders and require international cooperation to prevent regulatory arbitrage. Therefore, any legislation to regulate or ban can only be effective after significant international cooperation on the assessment of risks and benefits, the evolution of classification and common standards,” the digital asset class.
“Crypto is an asset class that is globally regulated and India should not lose out on its benefits. We need to take an example from countries that have already regulated crypto and see how it has benefited in job creation, economic growth, empowering entrepreneurs, etc.,” Menon told News18. .com.
Hence, India must take a step to cooperate and understand the best practices so that we do not lose out in the long run. The developers are working towards realizing a vision to create the next Facebook and Google in Web3 from India and the government can benefit greatly by helping these entrepreneurs achieve their goals.”
However, Suman Banerjee, Hedenova’s Chief Information Officer, said the RBI’s position is justified as cryptocurrencies can be used in the Indian context for money laundering.
“According to the Coinage Act 2011, the Reserve Bank of India is right. Currency can only be produced by the RBI. The Ministry of Finance has clarified that cryptocurrencies are an asset and not a currency. The debate behind this is the real reason why the RBI wants it,” he told News18.com. In cracking down on cryptocurrency is its use in money laundering.
Banerjee added that the use of cryptocurrency as a legal tender should be controlled. “India is a non-convertible country for capital. This means that there are a lot of regulations on Indian people or companies regarding their ability to convert rupee into another currency. When a lot of Indians start doing this i.e. selling rupee and buying another currency, the rupee weakens. Currencies Cryptocurrency is denominated in US dollars Bitcoin at $20,000 You have never heard of Bitcoin at 15,000 rupees He noted that the Reserve Bank of India (RBI) is right, in the Indian context, the use of cryptocurrencies as legal tender should be controlled.
The Reserve Bank of India has repeatedly warned about the macroeconomic effects of cryptocurrencies, pointing to their problems while questioning their fundamental fundamentals. The central bank governor even described cryptocurrencies as a “real risk” in the annual report of the Reserve Bank of India. However, India is unlikely to immediately ban cryptocurrencies, and has instead started imposing high taxes on virtual digital assets.
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