India Avoids Full Crypto Regulation, Citing Fear of Legitimacy and Systemic Risks
- India resists full crypto regulation, citing systemic risks and legitimacy fears
- RBI maintains regulation cannot fully contain risks tied to crypto assets
- Exchanges allowed if registered; heavy taxes and RBI warnings still apply
India is leaning towards maintaining partial oversight on cryptocurrencies rather than introducing full legislation to regulate cryptocurrencies, according to a government document seen by Reuters.
Officials argue that creating a comprehensive framework could inadvertently grant legitimacy to digital assets, raising systemic financial risks.
RBI: Regulation Won’t Solve Crypto Risks
The Reserve Bank of India (RBI) has maintained that regulation cannot effectively contain the risks tied to speculative crypto assets. India’s stance now sits between that of the West and other Asian counterparts.
For instance, since Donald Trump took office for the second time as President early this year, the United States has passed legislation to approve the wider use of stablecoins. That, and other crypto-friendly postures by the US, have led to an improved rate of crypto acceptance worldwide.
Related: How Can Crypto Save the Indian IT…
The post India Avoids Full Crypto Regulation, Citing Fear of Legitimacy and Systemic Risks appeared first on Coin Edition.
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India Avoids Full Crypto Regulation, Citing Fear of Legitimacy and Systemic Risks
- India resists full crypto regulation, citing systemic risks and legitimacy fears
- RBI maintains regulation cannot fully contain risks tied to crypto assets
- Exchanges allowed if registered; heavy taxes and RBI warnings still apply
India is leaning towards maintaining partial oversight on cryptocurrencies rather than introducing full legislation to regulate cryptocurrencies, according to a government document seen by Reuters.
Officials argue that creating a comprehensive framework could inadvertently grant legitimacy to digital assets, raising systemic financial risks.
RBI: Regulation Won’t Solve Crypto Risks
The Reserve Bank of India (RBI) has maintained that regulation cannot effectively contain the risks tied to speculative crypto assets. India’s stance now sits between that of the West and other Asian counterparts.
For instance, since Donald Trump took office for the second time as President early this year, the United States has passed legislation to approve the wider use of stablecoins. That, and other crypto-friendly postures by the US, have led to an improved rate of crypto acceptance worldwide.
Related: How Can Crypto Save the Indian IT…
The post India Avoids Full Crypto Regulation, Citing Fear of Legitimacy and Systemic Risks appeared first on Coin Edition.
Read More
Tom Lee Predicts 1 Ethereum Worth by 2035