The Indian government has been a lot concerned about cryptocurrencies lately. There had been talks about banning it in the country last year, and then there were talks of regulating its usage. So, which one is true? Will India be seeing the acceptance of cryptocurrencies like Bitcoin for global financial transactions or will go down in the country forever?
There have been talks between the various governing bodies in the country with the possibilities of an improved economy. They are discussing all aspects related to digital currencies and their distribution. The concerned body in financial matters Department of Revenue is working closely with the Financial Action Task Force (FATF).
FAFT is an organization that sets regulations and standards for the global transaction and international money distribution. Their goal is to keep the countries safe from money laundering and terrorist financing. Together with Indian government officials, FATF is finding the best way to regulate digital currencies and assets.
Upcoming G20 summit
In the upcoming G20 summit, FATF is going to submit a detailed report on the subject as not just India, but all members of the G20 have affirmed their faith in FATF as the standard setting organization. In G20 summit this year, not only India but several other countries would be eager for the standardization, and regulatory advice of the FATF, and if it turns out well, they will start using the cryptocurrencies for the asset bonds of the country.
As for, it might end the long duel between government organizations and private corporations who are polarizing ends of all things crypto in the country. There’s also a hearing in Supreme Court in May this year that might make things clear, whether they’re going to be banned or not. Supreme Court had asked to submit the report in April, but the court adjourned that day without anything presented.
Most of the concerned financial advisory boards of the country have been involved in forming regulations for the blockchain and crypto assets, but the decisions are taking longer than they should. There’s a booming economy sector waiting for approval with startups and entrepreneurs having their eyes fixed on the Supreme Court, ready to jump into the market if it gives the green signal.
There’s a lot of potential of cryptocurrency in India, and if its huge population adopts the cryptocurrencies, there would be increased interest and rising demand of cryptocurrency in the global market which would ultimately lead to increased prices. Only, the security concerns need to be worked on until then.