Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: waybesuricata on November 30, 2021, 11:26:23 AM
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The Lok Sabha, the lower house of India’s bicameral Parliament, will debate and deliberate the cryptocurrency bill before the upper house of Parliament reviews it, after which it will be sent to the president to be signed into law.
The Indian Winter Session of Parliament has commenced, in New Delhi. There is much on the table to discuss, not least of which is the bill to ban all private cryptocurrencies in favor of a central bank digital currency, with a few exceptions. The bill also describes the introduction of a central bank digital currency. The central bank’s digital currency will be sovereignly backed, on the same level as cash. One of its key purposes is to avoid the volatility that private cryptocurrencies are subject to.
This bill follows the meeting between critical representatives of the crypto industry and MPs in India to glean information to paint a broad picture of how cryptocurrencies are faring in India.
No KYC/AML For Unregulated Institutions
A question was posed by a Member of Parliament, in the Lok Sabha, India’s lower house of Parliament, regarding bitcoin’s future as a currency in India. The Minister of Finance Nirmala Sitharaman then established that bitcoin would not be recognized as a currency.
Thirumaavalavan Thol, an MP, asked the Ministers whether the government knows which cryptocurrencies are traded in India, whether cryptocurrency trading is legal in India, and whether centralized exchanges are permitted by law to operate in India. The Minister of State said that the Reserve Bank of India issued a memorandum in May to regulated institutions to comply with Know-Your-Customer (KYC) and Anti-Money Laundering (AML), and Combating of Financing of Terrorism, but that cryptocurrency institutions are not regulated in India. Hence, they didn’t receive the same memorandum.
Source and continuation of news: https://beincrypto.com/no-proposal-to-recognize-bitcoin-as-currency-says-indian-finance-minister/
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sooner or later, everyone will have to accept cryptocurrency, perhaps not as a national currency, but at the level of all ordinary money, since the world does not stand still and this is inevitable