India's government has continued its "Undecided" stance on regulation around the cryptocurrency ecosystem.
The Indian Government and the domestic cryptocurrency exchanges had always been at odds with each other regarding the regulation of cryptocurrency in India.
Even after two years, the Government is yet to clarify its stance on the regulatory policies of cryptocurrency.
Not only that, the government doesn't even have any concrete plans regarding a timeline for finalizing the rules.
The uncertainty around regulation will continue to thwart cryptocurrency-related business in an economy of well over a billion people.
The Indian crypto exchanges were blindsided by the crackdown by the Reserve Bank of India in April 2018.
The RBI directive practically prohibited banks from dealing with virtual currency exchanges and traders.
The virtual money exchanges retorted by filing a case against RBI's stance in the apex court.
The Supreme court had ordered the government to submit a report on the findings of the government's virtual currency panel that was formed in December 2017.
With this latest announcement from Pon Radhakrishnan, it is clear that India's Narendra Modi's Government is in no rush to dictate the crypto rules, or even give a ballpark figure on when the deadline would be set.
India Stalls Cryptocurrency Regulations, Uncertainty Continues
gepubliceerd op Dec 31, 2018
by Cryptoslate | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.