Bitcoin Regulations “Under Construction” in India

India, which refrains from commenting in detail on the legal regulation of cryptocurrencies, has only confirmed that official plans are “ongoing.”

According to local news outlet Economic Times, the Reserve Bank of India spoke at an event in Kolkata today. (SBI) Acting Director NS Vishwanathan:

“I cannot comment on a policy that is still under construction.”

In August, crypto in India Draft proposals for the regulation of coins began to emerge.. These resolutions were drafted by a panel formed by the Indian government itself to investigate the issue in April.

Since the country’s prime minister, Narendra Modi, introduced controversial cash-related reforms in November 2016, cryptocurrency investing and trading has taken off in India. It has become hugely popular.

Dash Core CEO Ryan Taylor said earlier this week:

“Around the world, there is a tradeoff between measures for economic freedom and economic success. there is a link. That link was eroded when India abruptly banned the vast majority of money circulating in the country.. In contrast, digital currencies can be freely delivered person-to-person from anywhere in the world.. This feature of digital currencies can have a very positive effect on the economy of a country like India that is experiencing very strict financial restrictions.”

While cash is the most used payment method by Indians, the government has to digitize all payments.

Ryan Taylor:

“I don’t think digital currencies will replace the Rupee (Indian currency) any time soon.. But it is also clear that disabling cash will force consumers and businesses to use digital money to meet their needs.”

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