The post <a href="https://coinpedia.org/news/india-postpones-crypto-bill-web3-regulation-on-hold-for-at-least-18-months/">India Postpones Crypto Bill for 18 Months; Here’s Why</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The recent ripples in the crypto realm, marked by <a href="https://coinpedia.org/news/ftx-to-sell-873-million-worth-of-assets-in-move-to-repay-creditors/">FTX’s collapse</a> and regulatory scrutiny on Binance, have left stakeholders on edge. Amid this uncertainty, Jayant Sinha suggests a prudent ‘wait-and-see’ strategy to understand the future of the crypto space. 
Let’s dive into India’s unique perspective, steering away from a specific crypto bill in 2024 but plotting a distinctive course through policy decisions to shape the regulatory landscape by 2025. 
<h2 class="wp-block-heading" id="h-india-s-crypto-blueprint">India’s Crypto Blueprint</h2> 
In the maze of crypto developments, <a href="https://coinpedia.org/news/indias-supreme-court-rejects-call-for-crypto-regulation-citing-legislative-jurisdiction/">India</a> is crafting its regulatory path, aiming to enact a de facto framework through strategic policy decisions. Despite the improbability of a specific crypto bill in 2024, the nation is positioning itself to align with the Financial Stability Board’s recommendations by the close of 2025. 
An insider reveals that anti-money laundering rules and a crypto tax structure are already in place, offering a foundation as the nation treads carefully into the digital asset universe. 
Also Read: <a href="https://coinpedia.org/news/crypto-crackdown-india-tightens-grip-on-offshore-exchanges/">Crypto Crackdown: India Tightens Grip on Offshore Exchanges</a> 
<h2 class="wp-block-heading" id="h-central-bank-s-concerns">Central Bank’s Concerns</h2> 
In a candid revelation, Sinha, a prominent figure in India’s financial landscape, echoes the concerns of the central bank regarding cryptocurrencies. He sheds light on the intricate challenges posed by India’s stringent capital controls, inhibiting the free trading of the rupee. This restriction, Sinha argues, makes it challenging for India to fully embrace crypto, especially when compared to economies like Singapore, Korea, and the US, where freely tradable currencies facilitate a more open approach to crypto adoption. 
<blockquote class="wp-block-quote"> 
 “In India where we have capital controls when you can’t freely trade the rupee for us to enable crypto assets is not really feasible,” Sinha said. “Unlike other economies like Singapore, or Korea or the US that have freely tradable currencies, and can get into crypto with a lot less trepidation. As far as India is concerned, we have to be very, very careful, very, very cautious when we talk about crypto. But crypto friends is just one use case for what is a revolutionary set of technologies that underlie Web3.” <cite><a href="https://twitter.com/jayantsinha">Jayant Sinha</a></cite>
</blockquote> 
<h2 class="wp-block-heading" id="h-crypto-and-web3-understanding-the-technology">Crypto and Web3: Understanding the Technology</h2> 
Despite the cautious stance toward crypto, Sinha emphasizes the revolutionary potential embedded in <a href="https://coinpedia.org/press-release/7-reasons-to-attend-indias-premiere-web-3-event/">Web3</a> technologies. He underscores that while crypto is a significant use case, it merely scratches the surface of a transformative technological landscape. 
This nuanced perspective reflects India’s commitment to tread cautiously, acknowledging the dual importance of fostering innovation and safeguarding financial stability. 
While the delay in a specific crypto bill may be disheartening to some, it signals a more measured and thoughtful approach by Indian authorities. By prioritizing use cases, adhering to global standards, and adapting to the evolving crypto landscape, India aims to strike a delicate balance between fostering innovation and ensuring financial stability. The upcoming 12 to 18 months will play a pivotal role in sculpting India’s definitive stance on crypto and its relationship with the transformative forces of Web3. 
More Insights Here: <a href="https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-india/">Cryptocurrency Regulations in India</a>

India Postpones Crypto Bill for 18 Months; Here’s Why

Table of Contents

CoinPedia News

Other articles published on Dec 7, 2023

Dogecoin hits $0.1: Is the memecoin season finally here?

Do Kwon appeals extradition order amidst allegations of financial crimes

Solana-Based DeFi Project Jito (JTO) To Kick Off Airdrop As Coinbase Announces Support for the Token

The Future of Business in EXGOLAND: Revolutionizing B2B Interactions in the Metaverse

Reebok and Futureverse Team Up to Launch New Metaverse Experiences

Singapore, China to Begin Piloting Digital Currency in Tourism Spending Push

Join our free newsletter for daily crypto updates!