Digital Rupee: Bitcoin, Ethereum and Co.: India Regulates Cryptocurrencies | News

Indian crypto strategy combined with international cooperation
India is calling for international cryptocurrency regulation
Concrete plans for digital rupee

Not only the Indian strategy, but also international cooperation are the subject of the speech of the Minister of Economy Ajay Seth. At the press conference, according to Cointelegraph, he stressed that India cannot act in isolation on this issue. What is needed is “an approximate legal framework on which all countries can mutually agree”. The consultation paper aims to strengthen cooperation with the IMF and the World Bank and to explain India’s readiness for global cryptocurrency regulation. It must then be submitted to the Indian government and prepare the third largest economy in Asia for the challenges of cyber currency domestically and internationally.


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Digital rupee on the way

Until now, the GOI has been considered very restrictive when it comes to digital resources. At the end of last year, a cryptocurrency ban seemed on its way, but that quasi-ban was lifted earlier this year. In February, the Indian government took a big step towards legalizing cryptocurrencies by taxing profits from digital asset transfer. Indian Finance Minister Nirmala Sitharaman announced both the legalization of digital assets and the development of the digital rupee.

In recent months, the number of skeptical statements from the Reserve Bank of India RBI about cryptocurrencies has increased, as reported by BeInCrypto. He is concerned about the dollarization of the economy and the loss of monetary policy sovereignty. Since the rupee can be replaced with cryptocurrencies in both domestic and international transactions, it can also “replace part of the monetary system [und] they undermine the RBI’s ability to regulate the flow of money in the system, ”an Indian central bank official said.

However, in its May 28 annual report, according to Cointelegraph, the RBI presents a concrete, multi-step plan for the launch of the digital rupee announced in February. A feasibility study and a pre-commissioning test phase will be carried out to ensure that the proposed cyber device will support financial and financial stability. Monetary policy not threaten the Indian government.

Global regulatory strategy, not a ban

During the IMF panel discussion, Indian central bank deputy director Rabi Sankar showed his disapproval of cryptocurrencies again: technology (blockchain) is merely a tool and unable to create standalone currencies with real use cases. Therefore, in the future, “digital central bank currencies would also kill the latest use of cryptocurrencies.”

When asked about a possible cryptocurrency ban in India, Economy Minister Ajay Seth told his ministry’s press conference that you need to be aware that a national ban cannot be introduced without international consensus. Prime Minister Narendra Modi recently identified cryptocurrencies as a global challenge at the World Economic Forum in Davos and called on the international community to coordinate regulation. He warned of the challenges and dangers of Bitcoin and Co. and called on the “global family” to adopt a “like mind” and work together.

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