Indian cryptocurrency regulation issue

[OptimusPrime]

The Reserve Bank of India told the Supreme court that it did not ban the cryptocurrencies but took steps to protect financial institutions from being subjected to the risk associated with cryptocurrencies.

⠀https://coinnounce.com/indias-central-bank-clarifies-that-cryptocurrencies-are-not-banned/

Do you think this good for the community?

[masterrex]

The Reserve Bank of India told the Supreme court that it did not ban the cryptocurrencies but took steps to protect financial institutions from being subjected to the risk associated with cryptocurrencies.

⠀https://coinnounce.com/indias-central-bank-clarifies-that-cryptocurrencies-are-not-banned/

Do you think this good for the community?

Well that's not surprising since every country has the same opinion about cryptocurrency in the beginning but eventually change when they see the very potential of the cryptocurrency in the economy or even for the tax revenue generation that's the standard practice of any government in order to protect its interest and its citizens in a potential financial risk.

[Fenix]

A representative of the Reserve Bank of India stated this in court, where the issue of the constitutionality of the orders of this bank to financial institutions of the country is decided not to provide any support to cryptocurrency exchanges and cryptocurrency exchange points. As a result, cryptocurrency exchanges and exchangers were forced to close. Despite the statements that these measures were taken to protect financial institutions from possible risks in working with cryptocurrency and did not aim to prohibit cryptocurrency, such an order should nevertheless be regarded as its actual prohibition.
This lawsuit has been going on for too long and the population of India is deprived of the opportunity to fully engage in cryptocurrency.

[Cutter Cute]

The Reserve Bank of India told the Supreme court that it did not ban the cryptocurrencies but took steps to protect financial institutions from being subjected to the risk associated with cryptocurrencies.

⠀https://coinnounce.com/indias-central-bank-clarifies-that-cryptocurrencies-are-not-banned/

Do you think this good for the community?

This is where the role of government is needed, there are many regulations and contradictions from the beginning of the creation of cryptocurrency, various opinions will emerge from national financial institutions, such as the Bank of India and provide a lot of supportive comments but the fact is not, because as I know, Banks still reject the use of cryptocurrency, they prefer blockchain technology.

[Zed0X]

Do you think this good for the community?

Mate, it is pointless at this time to discuss whether or not this is good for the community. The case is being tried and all we can do is wait for the court decision. Only then we can discuss the implications.

The crypto community in India can still transfer their btc peer-to-peer but they are having difficulty converting it to fiat since exchages were forced to close.

[aiviaa485]

The Indian government is well aware of the technological advancements developed by blockchain-based cryptocurrency.
So that the Indian government does not want to antagonize or distance the system from cryptocurrency, maybe more precisely to keep a distance because Cryptocurrency is a new system that is run in this world that has not been until 20 years.

[LogiC]

This is a clarification that India has made. They are not prohibiting by giving a fair advice and protection for their countrymen cause they know what risk could crypto could bring to them. Yes crypto is actually evolving and that's good but we can't denied the fact that some people lose a lot of money on some scam projects which India just avoiding.

[Zemytha]

This is definitely good news for the Indian community. Especially now that the WazirX project will be listed on binance. WazirX is a project from India. This proves that the Indian currency can be freely traded on crypto.

[Ta.Form]

Mate, it is pointless at this time to discuss whether or not this is good for the community. The case is being tried and all we can do is wait for the court decision. Only then we can discuss the implications.

The crypto community in India can still transfer their btc peer-to-peer but they are having difficulty converting it to fiat since exchages were forced to close.

This is interesting to discuss. The central bank announced it was not banning crypto. Then, which exchange is closed? I agree with my statement above, WazirX will be listed in binance. And surely it will be the only exchange in India that provides cryptocurrency exchange with India's local currency.

[Delgboke]

The Indian government regulate cryptocurrency in order to protect their citizens from the risk behind crypto is a good move, that means the government of India has the people in heart.

[Alcor]

The Indian government regulate cryptocurrency in order to protect their citizens from the risk behind crypto is a good move, that means the government of India has the people in heart.

It is unlikely that a direct instruction of the central bank to the financial institutions of the country not to have any financial relations with cryptocurrency exchanges and exchangers can be considered the state’s concern for citizens so that they do not suffer financial losses when using cryptocurrency. Any business has its own risks. Restricting citizens to use cryptocurrencies because they can lose their money is not a concern for them. This is a violation of the principle of freedom of business. Citizens should have the right to choose, and the state should provide normal conditions for conducting any business not expressly prohibited by law.

[Noverteno]

Financial institutions practically do not risk anything if they serve the economic and financial activities of cryptocurrency exchanges and exchangers. Therefore, such an order of the Reserve Bank of India is practically aimed at prohibiting and restricting the circulation of cryptocurrency, and therefore should be recognized as unconstitutional. We see that it was this position of this bank that led to a significant restriction on the circulation of cryptocurrency in India.

[GeorgeReece]

The central bank in India has issued a circular banning regulatory entities from providing services to crypto businesses. The ban came into effect on July 6 of last year.

[EthanDavid]

Both Garg and India's new finance minister, Nirmala Sitharaman, attended a meeting where all G20 finance ministers and central bank governors jointly announced their commitment to adopting crypto standards set by Financial Action Task Force (FATF) poses. money laundering. FATF released updated guidance for crypto assets on July 21, almost two months after Garg said his commission's report was ready.

[ThomaJoe]

The Indian government has put in place policies that determine the future of cryptocurrencies, along with issuing warnings and imposing limited administrative measures. In his budget speech in February, Finance Minister Arun Jaitley reiterated the official position that the cryptocurrency is not recognized as legal tender and said that the government would restrict the use of activities. illegal.