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Home / Blockchain / Crypto No Longer a Currency but an Asset; Legislation Finalized

Crypto No Longer a Currency but an Asset; Legislation Finalized

Published Thu, Nov 18 2021 13:48 pm
by The Silicon Trend

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Crypto No Longer a Currency but an Asset; Legislation Finalized

After the panel meeting, the Indian government won't completely ban crypto; instead, it will regulate and allow the trade as assets. Even though the legislation is finalized, India's Securities and Exchange Board (Sebi) might be nominated as the regulator.

 

 

Taxation Aspects

A govt source added, "Active solidation would not be permitted... Details of the bill are being finalized." The govt at present is working on the taxation features, and the forthcoming legislation must address them. The panel is moving ahead with the launch of a new bill in the parliament's winter session. The person who attended the meeting hosted by the country's prime minister - Narendra Modi, about the crypto, mentioned that the overall focus is to take progressive, ahead, and proactive steps, as it was a developing tech.

 

 

The RBI has addressed its concerns over the crypto that might threaten capital controls and financial and macroeconomic stability. On Tuesday, at a State Bank of India (SBI) event, the RBI governor - Shaktikanta Das, said a serious discussion on cryptos is required and was yet to view the informed debate on the significant concerns raised the RBI.


 

Crypto Regulation not a Solution to All Issues

The advert problems have ignited a massive debate, with some actually thinking that these promotions might mislead young generations. As a result, Crypto exchanges like Bitbins and WazirX have halted their ads, as WazirX spokesperson told CoinDesk that they stopped advertisements in August in addition to ET's headline being misleading.

The Founder and CEO of the think tank Policy 4.0 - Tanvi Ratna, said the crypto regulation as an asset might not solve the real concerns that authorities pinpoint. Still, it does take out the currency arena, which is one of many RBI worries. 

 

 

Price Arbitrage

Authorities are worried about the latest emerged price arbitrage and how any regulator maintains tabs on various exchanges when there is a significant price difference and opportunity for arbitrage. For fine-tuning the regulation, exchange platforms are pushing for a regulatory sandbox.

 

 

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