It is the same story as everything else. Don't expect Indian Babus to come up with a revolutionary new regulation system for which there is no precedent. Now that the Infrastructure Bill is becoming law in the US, you can expect that the same wording will be paraphrased and taxation of crypto activites will be done. Our brilliant minds now have a starting point so i expect them to come up with something soon.
It'll be a miracle if they do anything original like taking into consideration the investors and identifying the fact that Bitcoin is open-source software and the legitimate currency of internet.
What i expect is that you will soon find the name of India in "List of countries from where participants are banned", when you next check a launchpad.
Topic: India is considering middle path for crypto regulations (Read 111 times)
It looks like these big boys had a meeting yesterday on crypto, so no wonder Governor still dancing on the same tune. Reporting from thehindu doesn't look good but its not a holy grail anyway.
https://twitter.com/sneheshphilip/status/1459563672355753984
https://twitter.com/sneheshphilip/status/1459563672355753984
The parliamentary committee on Finance has also invited cryptocurrency players to discuss the opportunities and challenges of the industry. The meeting is scheduled for the 15th of Nov. I have read that heads of Indian crypto exchanges are mainly invited. So, they do want to listen to what the community has to say but at the end of the day they will only decide what to is good or bad.
Source: https://economictimes.indiatimes.com/tech/technology/parliamentary-panel-to-meet-crypto-stakeholders/articleshow/87637142.cms
It looks like these big boys had a meeting yesterday on crypto, so no wonder Governor still dancing on the same tune. Reporting from thehindu doesn't look good but its not a holy grail anyway.
https://twitter.com/sneheshphilip/status/1459563672355753984
https://twitter.com/sneheshphilip/status/1459563672355753984
It seems the puppet RBI governor has again opened up against cryptocurrencies today. Read the news below,
https://www.thehindu.com/business/rbi-governor-shaktikanta-das-reiterates-opposition-to-cryptocurrencies/article37433963.ece
No wonder a banker would say the same thing anywhere in the world. But considering cryptos are not yet regulated in India, it's risky!
https://www.thehindu.com/business/rbi-governor-shaktikanta-das-reiterates-opposition-to-cryptocurrencies/article37433963.ece
Quote
Governor Shaktikanta Das reiterated his views against allowing cryptocurrencies saying they are serious threat to any financial system since they are unregulated by central banks.
No wonder a banker would say the same thing anywhere in the world. But considering cryptos are not yet regulated in India, it's risky!
What can you expect from him? He is just following what has been told by the finance ministry. Such uncertainty is not helping the country. They are making a mockery of themselves because they have been consistently changing their stance. Indian crypto community have become habitual with such news.
News ref: https://m.economictimes.com/tech/tech-bytes/policymakers-considering-middle-path-on-cryptocurrencies/articleshow/87572085.cms
It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
It's been more than 4 years, around 10 crore people have joined cryptocurrency market and yet the Indian govt is still playing the Ban or no Ban game, they are still preparing the law which they have been preparing since past 4 years, countries far less developed than us have cleared their stance on cryptocurrencies and even countries far more developed than us have done it too, but Indian government is still confused what to do, the answer is obvious there can't be a ban now, a huge vote bank will be lost if there is ban, a lot of business now are developed on blockchain and are raising funds through cryptocurrencies, a blanket ban now will be suicidal for the government, the only thing they can do now is to tax cryptos and ensure that at least their revenues aren't hampered due to people moving onto cryptocurrencies. It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
Actually, this has been the problem of this government from the beginning they want to implement many changes but they do not know how to do it. Bureaucrats have the habit to stall things that they do not have a clue of and that is what is happening now. Then the finance ministry which is practically being operated by the PMO does not have the ability to decide.
It seems the puppet RBI governor has again opened up against cryptocurrencies today. Read the news below,
https://www.thehindu.com/business/rbi-governor-shaktikanta-das-reiterates-opposition-to-cryptocurrencies/article37433963.ece
No wonder a banker would say the same thing anywhere in the world. But considering cryptos are not yet regulated in India, it's risky!
It's like a Cigerette seller saying that Alcohol is a serious threat to our body because we don't sell alcohol at my Cigerette shop https://www.thehindu.com/business/rbi-governor-shaktikanta-das-reiterates-opposition-to-cryptocurrencies/article37433963.ece
Quote
Governor Shaktikanta Das reiterated his views against allowing cryptocurrencies saying they are serious threat to any financial system since they are unregulated by central banks.
No wonder a banker would say the same thing anywhere in the world. But considering cryptos are not yet regulated in India, it's risky!
So funny to see them saying Cryptocurrencies is risky and next day you see fiscal deficit rising to around 10% 
It seems the puppet RBI governor has again opened up against cryptocurrencies today. Read the news below,
https://www.thehindu.com/business/rbi-governor-shaktikanta-das-reiterates-opposition-to-cryptocurrencies/article37433963.ece
No wonder a banker would say the same thing anywhere in the world. But considering cryptos are not yet regulated in India, it's risky!
https://www.thehindu.com/business/rbi-governor-shaktikanta-das-reiterates-opposition-to-cryptocurrencies/article37433963.ece
Quote
Governor Shaktikanta Das reiterated his views against allowing cryptocurrencies saying they are serious threat to any financial system since they are unregulated by central banks.
No wonder a banker would say the same thing anywhere in the world. But considering cryptos are not yet regulated in India, it's risky!
News ref: https://m.economictimes.com/tech/tech-bytes/policymakers-considering-middle-path-on-cryptocurrencies/articleshow/87572085.cms
It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
It's been more than 4 years, around 10 crore people have joined cryptocurrency market and yet the Indian govt is still playing the Ban or no Ban game, they are still preparing the law which they have been preparing since past 4 years, countries far less developed than us have cleared their stance on cryptocurrencies and even countries far more developed than us have done it too, but Indian government is still confused what to do, the answer is obvious there can't be a ban now, a huge vote bank will be lost if there is ban, a lot of business now are developed on blockchain and are raising funds through cryptocurrencies, a blanket ban now will be suicidal for the government, the only thing they can do now is to tax cryptos and ensure that at least their revenues aren't hampered due to people moving onto cryptocurrencies. It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
Actually, this has been the problem of this government from the beginning they want to implement many changes but they do not know how to do it. Bureaucrats have the habit to stall things that they do not have a clue of and that is what is happening now. Then the finance ministry which is practically being operated by the PMO does not have the ability to decide.
News ref: https://m.economictimes.com/tech/tech-bytes/policymakers-considering-middle-path-on-cryptocurrencies/articleshow/87572085.cms
It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
It's been more than 4 years, around 10 crore people have joined cryptocurrency market and yet the Indian govt is still playing the Ban or no Ban game, they are still preparing the law which they have been preparing since past 4 years, countries far less developed than us have cleared their stance on cryptocurrencies and even countries far more developed than us have done it too, but Indian government is still confused what to do, the answer is obvious there can't be a ban now, a huge vote bank will be lost if there is ban, a lot of business now are developed on blockchain and are raising funds through cryptocurrencies, a blanket ban now will be suicidal for the government, the only thing they can do now is to tax cryptos and ensure that at least their revenues aren't hampered due to people moving onto cryptocurrencies. It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
Any guesses? What could be the "Middle path"?
Moderately bullish on India but extremely bullish on Indians.
Actually I feel nothing will happen. The government is still trying to understand this concept. Everyday there is a new news mainstream media and every day they come up with a new story. Now the media is only covering crypto because of it popularity among the millennials. This is all about making money by creating sensation news. The only thing the government can do now is to tax your earnings till they have time to think about regulations.
Even it's many times already discussed, and we all have different views about this all but still I am feeling very bad for our country we have no path for crypto even we are much ahead of third world countries in many ways, and we all understand this can bring some big investments in this country.Just need some quick and soft regulations for having this all in tax network as well blockchain and crypto can do massive impact on many industries, and we can adopt this all as real big game changer, but corrupt system is real threat for this all to happen.
Now many countries having big decisions about this, but we completely fail in this adoption even any type of soft regulation.
Actually I feel nothing will happen. The government is still trying to understand this concept. Everyday there is a new news mainstream media and every day they come up with a new story. Now the media is only covering crypto because of it popularity among the millennials. This is all about making money by creating sensation news. The only thing the government can do now is to tax your earnings till they have time to think about regulations.
News ref: https://m.economictimes.com/tech/tech-bytes/policymakers-considering-middle-path-on-cryptocurrencies/articleshow/87572085.cms
It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
It's unlikely to become a legal tender but possibly a blanket ban will not happen.
Any guesses? What could be the "Middle path"?
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