Reserve

Cryptocurrency

Bank

Future

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/india-takes-significant-step-to-clarify-cryptocurrency-policy-stance/" data-wpel-link="internal">India Takes Significant Step to Clarify Cryptocurrency Policy Stance</a><br></p>
<p style="text-align: justify"><strong>India</strong>, <a href="https://en.coin-turk.com/promising-future-for-bitcoin-microstrategy-buys-another-1-billion-worth-of-btc/" data-wpel-link="internal">cryptocurrency</a> policy stance with a significant step. According to Economic Affairs Secretary Ajay Seth, a discussion paper will be published by September 2024. This paper aims to engage stakeholders and gather various perspectives on the legal regulation of cryptocurrencies.</p> 
<h2 style="text-align: justify" id="different-perspectives-of-the-central-bank-and-sebi">Different Perspectives of the Central Bank and SEBI</h2> 
<p style="text-align: justify">The Reserve Bank of India opposes legitimizing cryptocurrencies due to risks to macroeconomic stability. The central bank advocates banning cryptocurrencies and stablecoins, fearing they could harm the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">financial</a> system.</p> 
<p style="text-align: justify">On the other hand, SEBI shows willingness to regulate the sector, arguing that cryptocurrency trading should be overseen by multiple authorities. The differing views between these two major regulatory bodies highlight the difficulty of forming a unified cryptocurrency policy in India.</p> 
<h2 style="text-align: justify" id="current-regulatory-framework-and-future-steps">Current Regulatory Framework and Future Steps</h2> 
<p style="text-align: justify">While India lacks comprehensive legislation on cryptocurrencies, the government enforces strict tax measures and registration requirements. The obligation to register with the Financial Intelligence Unit (FIU-IND) ensures compliance with anti-money laundering and counter-terrorism financing standards set by the Financial Action Task Force (FATF). This regulatory framework aims to enhance the credibility of the cryptocurrency sector within the country.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-373748 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/bitcoin-20-1.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify">Seth notes that current cryptocurrency regulations primarily focus on AML and EFT compliance. However, he acknowledges the need for a broader regulatory scope to be addressed in the discussion paper. This paper will outline potential policy directions and seek input from various stakeholders to shape a more comprehensive regulatory framework for cryptocurrencies.</p> 
<h2 style="text-align: justify" id="india-s-global-stance-and-future-plans">India’s Global Stance and Future Plans</h2> 
<p style="text-align: justify">India plans to shape its policy by considering the global stance on cryptocurrency regulation. In September 2023, Seth announced that the country would evaluate its position on cryptocurrencies.</p> 
<p style="text-align: justify">This announcement was made during India’s G20 presidency, emphasizing the importance of consensus-based global rules for cryptocurrencies. The upcoming discussion paper is a continuation of India’s effort to align its crypto policy with international standards and best practices.</p> 
<p style="text-align: justify">India’s new step in cryptocurrency regulation aims to adopt a more open and participatory approach. This policy, shaped by stakeholder participation, is expected to clarify India’s stance on the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> of cryptocurrencies.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/india-takes-significant-step-to-clarify-cryptocurrency-policy-stance/" data-wpel-link="internal">India Takes Significant Step to Clarify Cryptocurrency Policy Stance</a></h5>
<p>The post <a href="https://en.coin-turk.com/india-takes-significant-step-to-clarify-cryptocurrency-policy-stance/" data-wpel-link="internal">India Takes Significant Step to Clarify Cryptocurrency Policy Stance</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

India Takes Significant Step to Clarify Cryptocurrency Policy Stance

Table of Contents

COINTURK NEWS

Other articles published on Jul 25, 2024

What Tokens Are Set To Become The Next 100x Moonshots In 2024?

Render Whales Eye Raboo’s Presale: Surpassing $2M Outperforming SHIB In Meme Coin Market

Trending Meme Coins ͏To Invest In ͏T͏oday, Thursda͏y, July 25 – Myro, Pup͏s(Ordi͏n͏a͏ls͏),͏ Peipei(ET͏H), Th...

Bitcoin Price Prediction As Kamala Harris Snubs Trump Showdown At Bitcoin 2024 Conference In Nash...

Floki Announces Valhalla Sponsorship for India’s Tour of Sri Lanka, Targeting 220M Viewers

Pepe (PEPE) is back in accumulation mode, while becoming the most-traded meme asset

Join our free newsletter for daily crypto updates!