India’s Crypto Industry Not In The Clear Yet

Well, the other day there was great news out of India regarding their crypto ban being lifted and now here’s the latest

“A pending bill may still inhibit cryptocurrencies from flourishing in India, with India’s parliament yet to rule on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” from 2019, Business Insider reported on March 7. If passed, the bill will introduce unique regulatory frameworks for virtual currencies, utility tokens, and commodity-backed tokens — likely creating a complex exclusionary legislative apparatus for blockchain businesses to navigate…

…In addition to the hostile bill from 2019, India’s crypto community will have to also overcome an appeal from RBI in the Supreme Court regarding the repeal of its circular. Citing anonymous sources, The Economic Times reported on March 6 that RBI is concerned that widespread virtual currencies could put India’s banking system at risk. Sohail Merchant, a member of the Internet and Mobile Association of India’s Blockchain and Cryptocurrency Committee, stated that despite hostility from lawmakers toward crypto, the main objective of the Indian blockchain industry stakeholders is ‘to create a dialogue with policymakers and develop a comprehensive framework for crypto assets in India paving the way for innovation.’”

Master Asked on March 7, 2020 in Cryptocurrency.
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