Soon, India will be developed by regulation for bitcoin and other cryptocurrencies. Relevant agencies have completed the establishment of a comprehensive state policy in this area.
The impending regulation of the reporters said the Chairman of the Board of the securities and exchange Board (SEBI) last Saturday. In connection with the instability in markets and growing concern about investor protection, Traction Ajay (Ajay Tyagi) noted that the rules will appear in the near future, reports New Indian Express. He refused to provide more information, insisting that the officials will do it after the development of the regulations.
Earlier this month, Indian Finance Minister Arun Jaitly (Arun Jaitley) in the framework of the presentation of the budget in 2018, made the statement that the government do not accept the cryptocurrency as legal tender. A similar view is shared by the Reserve Bank of India.
The next day after that, SEBI has asked the Department of economic Affairs (DEA) to convene a meeting on regulatory issues, said the President of the Council.
«We divided the areas of responsibility of different regulators and it is anticipated that the rules will be created fast enough,» said Ajay Traction.
In December last year, the Ministry of Finance announced the creation of a special unit to monitor the technology, including tracking the volume of cryptocurrency trading, as well as accelerate the process of creating cryptocephalinae. Representatives of the DEA, the Reserve Bank of India and the Tax Department came to this Committee.
According to previous reports, the new rules will be published by the end of March. They will probably include the fight against money laundering and measures to prevent tax evasion. More recently, Tax Department of India has announced
about the notification of 100 000 cryptocurrency investors after monitoring
operations leading trading platforms.
Sandeep Goenka (Sandeep Goenka), co-founder of Zebpay, one of the largest kryptomere in India believes that the current government is positively configured in terms of technology.
«The perfect way to strengthen the system is to use approved banking channels for new customers and to legalize trade in bitcoin», he said.
Ajeet Khurana (Khurana Ayyatu), the head of the Blockchain and Cryptocurrency Committee (BACC) in India notes that the country has no less than five million active traders who make use of the existing regulated banking channels. According to Konstantin Papadimitriou (Constantin Papadimitriou), President of the Pundi X, every tenth transaction with bitcoin in the world occurs in India. In addition to this it is reported that the number of vacancies in the cryptocurrency sector increased by 290% over the past six months, which tells about the active development of this industry in India.
Considering the rapid growth of the cryptocurrency community in the region, it is unlikely that the authorities decide to adhere to restrictive policies and would suspend trading of digital currencies. However, taking into account previous steps of the Indian government, is not worth much to hope that it will take the liberal course at the regulation of cryptocurrencies which have chosen countries such Switzerland