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Narendra Modi – the prime minister of India – has emerged to let crypto traders know that while the nation may have delayed its regulatory decision, it still has every intention of ensuring that crypto presents a safe environment for everyone within the country’s borders.
India and Crypto… Where Are Things Headed?
Not long ago, discussions emerged saying that bitcoin and crypto were no longer on the verge of being banned in India, and thus the country was instead going to recognize crypto as a new asset class and something that needed to be regulated. While a decision was slated to be made during the winter session, Indian officials ultimately decided to hold off for the time being, leaving a lot of traders in the dark regarding what to expect.
Modi has commented that many of India’s industries are undergoing a digital transformation, and thus it will take time for the country to reach its goals. However, this shouldn’t worry people too much. In an interview, he said:
India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity. Take cryptocurrency, for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.
The crypto bill is set to be introduced to India’s Parliament once the Cabinet has had an opportunity to look at it and approve. Finance minister Nirmala Sitharaman stated the following about what to expect from the bill:
This is a risky area and not in a complete regulatory framework. We are not considering a ban on the advertisements, but we’ve been taking steps to caution the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India are being studied and the regulations that they have are being looked into so we can take a decision on how to handle it, if necessary.
Making Sure All Traders Are Safe
Rahul Rathod – founder of Crypto Biz – said that India’s youth are vulnerable depending on where the Cabinet decides to go. He mentioned:
We are truly grateful towards the Prime Minister for addressing the concerns of the youth… We are also thankful towards our honorable finance minister who is constantly working towards regulating the sector to make it much fairer. It will surely help the country in staying ahead in the global revolution and we are completely in favor of the government’s decision as it will help in strengthening our relationship with the central body. Getting regulations and working with fair policies will certainly boost the industry and people will have more clarity and awareness regarding the same… As per the government’s guidelines, crypto will not be banned but will be regulated. We all need to stand together in this and favor the decision.