The inter-ministerial committee (IMC) of India considered that India should ban private crypto/virtual currencies. This is just the basic idea of IMC that is possible for Indian crypto market in future.
We saw many reports regarding the crypto regulation & ban news. But here is a shocking thing coming for the crypto users in India. Because one of the ministers is taking into consideration the report of IMC which is totally against the crypto industry in India.
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The status of cryptocurrency trading in India
On this matter, Mr. Pankaj Chaudhary replied that the government has no records of crypto exchanges & crypto traders. All over no information collected by the government authorities.
Regulatory system on crypto market
On this matter, Minister Pankaj said that all the protection & regulation systems which are in existence, are under the control of Reserve Bank Of India. RBI keeping their eye on the matter of illegal activities that may happen. For such risks, RBI already emphasizes the rules to follow by any services like Anti money laundering, FEMA & KYC-verification of users.
Laws that protect crypto traders and investors
On this matter, the minister said that there can be different types of fraud. So it will depend upon the nature of the fraud that will decide the rules to take against the fraudsters. In the present time Indian Penal Code 1860 law is enough to handle such things.
After these statements, Mr. Pankaj considered the report of IMC. According to the minister, there are no records of crypto Services & users and also no other crypto bill as under consideration. And at this end we have a report of IMC on crypto. The report of IMC considered to prohibit the use of virtual private crypto assets. And allow only those assets which are issued by the state government.
Further he added
“The government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in the parliament following the due process”
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