Reserve

Cryptocurrency

Bank

Giant

India plans to release a discussion paper outlining its policy stance on cryptocurrencies before September, according to an interview with Indian Economic Affairs Secretary Ajay Seth. 
<h2 id="india-to-publish-crypto-policy-stance-by-september">India to Publish Crypto Policy Stance by September</h2> 
Seth emphasized the importance of consulting relevant stakeholders in shaping policy. “The policy stance is how to consult relevant stakeholders, so coming out clearly and saying there is a discussion paper here, these are the issues and then the stakeholders will give their views,” he said. 
He also noted that an inter-ministerial group is currently developing a broader policy for cryptocurrencies and expects the discussion paper to be published before September. 
This inter-ministerial group includes key regulatory bodies such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). 
Related News: <a href="https://en.bitcoinsistemi.com/german-telecommunications-giant-deutsche-telekom-announced-that-it-joined-this-blockchain-network-here-are-the-details/" target="_blank" rel="dofollow">German Telecommunications Giant Deutsche Telekom Announced That It Joined This Blockchain Network! Here are the Details</a> 
The RBI has consistently opposed the legitimization of cryptocurrencies and stablecoins, arguing that they pose macroeconomic stability risks. 
SEBI, on the other hand, has shown that it is open to regulating digital assets and has suggested that oversight of cryptocurrency trading should be handled by more than one authority. 
While India does not have comprehensive crypto legislation, it imposes strict taxes on the sector. 
In addition, crypto assets are required to register with the country's Financial Intelligence Unit (FIU-IND) to comply with anti-money laundering (AML) and counter-terrorism financing standards set by global bodies such as the Financial Action Task Force (FATF). 
This registration requirement marks a shift towards greater reliability for the industry. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/the-date-on-which-india-the-country-with-the-largest-population-in-the-world-will-announce-its-cryptocurrency-policy-has-been-announced-here-are-the-details/">The date on which India, the country with the largest population in the world, will announce its Cryptocurrency Policy has been announced! Here are the Details</a>

The date on which India, the country with the largest population in the world, will announce its Cryptocurrency Policy has been announced! H...

Table of Contents

Bitcoin Sistemi EN

Other articles published on Jul 25, 2024

Ethereum ETFs Impact the Crypto Market

This CRYPTO Will Make MILLIONAIRES: Avoid These Investment Mistakes!

zkSync Explodes; BOME Climbs Further; Analysts Tip This New Exchange-Based Token For a 100x Jump

Hamilton Lane With $900B AUM Unveils SCOPE Fund on Solana

Compound, Celer attack may have been caused by faulty migration system — DNS experts

Is Bitcoin Still the Most Commonly Exploited Cryptocurrency by Criminals?

Join our free newsletter for daily crypto updates!