Cryptocurrency won’t be banned but will get regulated with conditions

#PMModi #parliament #Cryptocurrency

Cryptocurrency adoption with conditions



The value of crypto assets worldwide crossed $2 trillion earlier this year. Bitcoin is the most widely adopted crypto asset; it is worth over $900 billion, more than any tech unicorn founded in the last decade. The recent meeting with the Parliamentary Standing Committee on Finance had a detailed discussion with stakeholders and the Prime Minister then reviewed the matter alongside the Finance Minister and RBI, so there finally seems a ray of hope that some structure will be brought into this unregulated space. Now onwards it’ll be structured to help India rather than a ban. It will create a safeguard for retail investors, the crypto companies based in India will not move out of India, so there will be no flight of capital, it will create a healthy ecosystem for India and Indians to explore emerging technologies and become leaders and innovators in this space. India is one of many countries which has not taken any clear stand on it. There has been talk that the government will introduce legislation on cryptocurrency but nothing concrete has been done due to India's conservative approach. The lack of awareness, transparency and clarity puts the money of the investors, most importantly, retail investors, at risk. This industry which holds so much of capital is not monitored or regulated in India and that should be the point from where India's policy-making should begin.



Global crypto adoption is accelerating with ongoing technological innovation due to corporations worldwide offering crypto assets to consumers. These crypto assets serve as digital gold or tokens powering decentralised applications and are used for transfers, remittances, trading, lending, capital raising, etc., potentially impacting industries ranging from law to logistics, media, and cybersecurity. IndiaTech.org has created a five-point framework to regulate the indus

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