India, Three regulators — the Reserve Bank of India, the Securities and Exchange Board of India and the Ministry of Finance — regularly attend the Financial Stability Board meetings and G20 summits. The FSB is an organisations that monitors and makes decision about the global financial system.
The FCB has detailed about how its member countries regulate cryptocurrency, . Most of the countries have more than one government body for monitoring and regulating different circumstance of crypto activities. Among the board’s Asian member countries, ** India is the only one with no legal mandate to directly regulate crypto assets **. The wait n watch approach from the government and the RBI is turning out to be costly for crypto investors. Even the crypto investors, the situation is even going to be worse. Since the central bank ,RBI directives to the financial institutions to not to provide any services to the crypto exchanges, almost all of the major rupees versus crypto exchange services providers have to their shut down their operations. yes it is very sad to tell you about this information.
Apart from this the our government is also very much concerned that if bitcoin and other digital currencies are going to be allowed to used for payments then whether it will end up destabilising the crypto currency.
crypto investor have been kept in the dark as there has been no significant movement or clarity on the legality of these digital currencies. The indirect ban forced some major crypto exchanges to either shut down Indian operations completely.
Currently the finance ministry along with the RBI will the take final decision about the legality of crypto currency in india, we have wait for 8 to 9 months for the best result. we should be hope for the best.
Definitely government will take the right decision which is going to benefit the crypto enthusiast as well as development of india...
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Why is Modi government so reluctant? Feeling of loosing infleunce and control? Or pure statism?
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Keep us informed on this.
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