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28 May 2020

Indian Government's New Report Views Crypto Positively - Bitcoin News

Indian Government's New Report Views Crypto Positively - Bitcoin News

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A new Indian government report has put cryptocurrency in a positive light, viewing the mechanisms surrounding it, including initial coin offerings, as “revolutionizing the global fintech landscape.” The report also discusses the regulation of coins and tokens.

The Indian Ministry of Finance announced Monday that the Steering Committee on Fintech-Related Issues has submitted its final report to the finance minister.

All of them are also members of the Steering Committee, along with a number of other government officials, the CEO of the Unique Identification Authority of India, and the CEO of Invest India.

Since the public release of the IMC report and draft bill, the Indian crypto community has been campaigning to convince the government that the recommendations are flawed.

The Steering Committee report suggests that tokens can be grouped into two categories depending on the objective of their issue.

In its report, the IMC acknowledged that it “recognizes that technological innovations, including those underlying virtual currencies /crypto tokens, have the potential to improve the efficiency and inclusiveness of the financial system.” Nonetheless, it still recommends “a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.”?

Among the types of businesses, projects, and services that may not participate are those involving cryptocurrency; crypto-asset services; trading, investing, and settling in crypto assets; ICOs; and any products or services which have been banned by the government of India.

The government told the supreme court that it may introduce the bill on cryptocurrency in the next parliament session.

Do you think the Indian government will abolish the bill to ban cryptocurrencies and introduce positive regulation instead

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