In India, where the regulatory policy on virtual currency is difficult to determine, local media interviewed two experts. Both sides are in agreement that cryptocurrencies should be regulated rather than banned.
Deepak Kapoor, the founder of the think tank Begin India, is encouraging Bitcoin to move into the right market under regulation as well as stocks.
The agenda was the technical aspects of crypto currencies, the distribution mechanism, and the challenges they pose to law enforcement agencies.
Kapoor said first that treating Bitcoin as a private "currency" could endanger the country's economy, and if Bitcoin were granted legal status, it would be like stocks. Insist that it should be traded under regulation.
Since crypto currencies such as Bitcoin are invested in the same way as other fiat currencies, SEBI (Indian Securities and Exchange Commission) should also certify them as digital assets.
Also, local journalist Ratan Sharda needs to make the most of new technologies, rather than fight them, manage cryptocurrencies as legitimate, and bring fast transactions to society, all trackable. He said that he was finding potential.
As a recommendation to the government, we will start to create a draft to control and manage crypto currencies, and consider whether India should create its own crypto currency and build a permanent monitoring agency to follow its movements I also mentioned what to do.
Expected related bill will be submitted in November
In March of this year, the Supreme Court of India ruled that the Central Bank of India (RBI) was "unconstitutional" for banning bank account services on crypto exchanges. In response to this, the RBI officially denied the ban, and the sentiment of the industry rose temporarily.
However, even after that, it is often reported that the Indian government may move to introduce a law prohibiting crypto currencies.
Big companies are expanding into the crypto currency field in India
Although the future is uncertain, India's cryptocurrency industry is doing well, and there are signs of aggressive business expansion.
Binance, the world's largest crypto exchange, acquired the Indian exchange WazirX in November last year, interconnecting both exchange systems, allowing each user to log in and trade on the other platform I have to.
In addition, IT company Tata Consultancy Service, announced crypto currency related services for financial institutions. It is a convenient package for banks and investment companies to provide virtual currency investment services to their customers, and prepares a series of trading environments such as crypto currency and stable coins, block chains, and exchanges.
Cashaa, a UK-based financial institution that handles crypto currencies, also announced the launch of services in India. It offers Bitcoin, Ethereum, Tether, its own crypto currency Cashaa Coin service, and plans to add XRP and Litecoin.
It's unclear if these moves are predicting that crypto will not be banned in India, or if it's a close-up departure. In any case, the related bill, which will be submitted later this year, is likely to have a big impact on the industry.
I have remember when they have removed two of the bank notes forcefully, limiting how much a person can exchange. At this point, people should trust in every random cryptocurrency more than anything issued by the indian state. People should not forget: statism is a form of terrorism.