INSUBCONTINENT EXCLUSIVE:
PM Modi will take the final decision on the regulatory framework for crypto
Prime
Minister Narendra Modi today said that emerging technologies such as cryptocurrencies should be used to empower democracies, and not
According to reports, PM Modi will take the final decision on the regulatory framework for cryptocurrencies, amid conflicting views, as
policymakers remain adamant that unregulated transactions in digital currencies could hurt macroeconomic and financial stability
jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not
all private cryptocurrencies, the government announced that it will establish a regulatory framework, as part of the new crypto bill which
will be introduced in the winter session of the Parliament.However, crypto will not be recognised as currency or legal tender in India
The legislation's name has replaced the word "cryptocurrency" with "cryptoasset"
The bill also seeks to minimise the financial stability risk by suitably ring-fencing the formal financial sector from crypto assets.The
bill proposes the establishment of a facilitative framework for "distributed ledger technology" and lays the groundwork for the creation of
the official digital currency (digital rupee) to be issued by the Reserve Bank of India (RBI), which is to be regulated by the RBI Act.As a
deterrent for those found using these assets for terror related activities, the provisions of the Prevention of Money Laundering Act (PMLA)
dispose of or uniting it as a medium of exchange, store of value and a unit of account.Cryptoassets will be dealt with the existing crypto
exchange platforms which will be regulated by the Securities and Exchange Board of India (SEBI)
A cut-off date will be prescribed for those having cryptoassets to declare and bring under the crypto exchange platforms - which will be
virtual currency space, and incorporates features of the earlier bill that could not be taken up.
