A Legislator Says Crypto Laws In India Will Be Unique And Distinct

Jayant Sinha (the chairman of finance-related Parliamentary-Standing-Committee of India), while attending an event conducted by the BACC (Blockchain-and-Crypto-Asset-Council) under the IAMAI (Internet-and-Mobile-Association-of-India), commented on the legal guidelines regarding the cryptocurrency in India. The representative mentioned that the crypto laws of India would be unique and distinct. He stated that they need to level the growth and stability however they acknowledge the importance of the whole scenario of cryptocurrency.

As the capital account of India is not completely convertible, Sinha said there is no advantage for India to keep an eye on the crypto regulation incorporated by the progressive nations. He clarified that the crypto policies utilized by India will be different from those employed by Japan, the United States, and El Salvador (that recently positioned Bitcoin as a legal tender). Rather, the legislator explained that the solution incorporated by the country will be exclusive and different due to the different circumstances thereof.

Crypto laws disturb national security

Additionally, the aforementioned committee will examine crypto laws while making no compromise on national security. Sinha further mentioned that there is a need for lawmakers to be very vigilant about the operations of the cryptocurrencies and assets because there is a chance for such crypto tools to be utilized for finance terrorism that can be threatening to national security. Similarly, several concerns have been pointed out by the governor of RBI (Reserve-Bank-of-India) called Shaktikanta Das regarding the utilization of crypto. The governor revealed that the country’s central bank has serious and prominent reservations regarding the matter.

During an event organized by Financial Times and The-Indian-Express, the administration under Das had already been in knowledge with such issues and is directed to release final instructions related to the virtual currencies. As per Das, notwithstanding the world-level argumentation regarding crypto regulation, the Reserve-Bank-of-India (RBI) is seeking answers about the potential impact that might be caused by Bitcoin and other such cryptocurrencies on the country’s economy.

Other countries’ moves for crypto adoption

Simultaneous to the continued discussions in the country on how to move forward with crypto, as described previously, the El Salvadoran government has declared BTC (Bitcoin) to be utilized as a legal tender however this decision has faced mixed reactions across the globe. In the meantime, the parliament of Ukraine approved an extent to which digital currencies will be permitted which is a further move towards the legalization of crypto.