THELOGICALINDIAN - The InterMinisterial Committee IMC set up to attending into bitcoin and cryptocurrency regulations in India says the government should ban basic currencies
India May Soon Finalize Total Bitcoin Ban
In a report submitted on Monday (July 22, 2019) the IMC recommended that the government institutes a absolute bitcoin ban. An extract from the address reads:
Even admitting the board alleged for a bitcoin ban, it additionally brash the government to not abandon the abstraction of creating a civic cryptocurrency. The government-instituted console additionally alleged for a continuing board on cryptocurrencies to adviser the arising trends in the industry.
Apart from the report, the board additionally submitted a abstract bill. Government admiral and banking regulators will apparently use the bill as the base for drafting crypto regulations which could accommodate a absolute bitcoin ban.
The capacity of the address put a dampener of any absolute sentiments surrounding bitcoin and cryptos that may accept emerged afterwards comments afresh appear by the country’s Minister of State for finance.
Also, the advocacy for fines and penalties on annual of agreeable in crypto affairs stokes some of the affliction fears of stakeholders in the country.
Earlier in the year, there were letters of an approaching law that would agree prison sentences for bodies ambidextrous in bitcoin and cryptos.
Blockchain Not Bitcoin
While the board pushed the bitcoin ban agenda, it additionally brash the government to focus on blockchain technology. According to the report, there are abounding absolute acceptance areas for blockchain in banks and added areas of finance.
If anesthetized into law, these recommendations would put India in a agnate bracket as China in afterward the blockchain, not bitcoin model. Earlier in the year, the Reserve Bank of India (RBI) appear a authoritative head for fintech which excluded crypto-related businesses.
The proposed ban could additionally complete the final afterlife bell for exchanges in the country. Since the RBI banned bartering banks from alms casework to exchanges, abounding like Koinex and ZebPay accept been affected to shut bottomward their operations in India.
Do you anticipate the government of India will chase through on banning bitcoin? Let us apperceive in the comments below.
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