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India adopts very meticulous regulatory approach on cryptocurrencies

With cryptocurrency prices turbulence, prices declined in early December, but bounced back since mid-December. Particularly, BTC approaching the $4,000 mark, we provide an update on some important regulatory matters around cryptocurrency space. 


We already reported that a senior government official from a board created by Indian finance ministry admitted that there have been ideas of creating India’s own government-backed digital coin.

However, for now, the governmental committee backs and upholds the plans of making digital assets legal given that they are stringently regulated.

The Indian central bank (RBI) has currently, put a blanket ban on cryptocurrencies. Back in last April, the Reserve Bank of India (RBI) instructed the all financial institutions in the territory to abstain from rendering services to cryptocurrency trading exchanges and oterh related companies. Well, such a pronouncement triggered a trend of demonstrations from crypto exchanges, that in turn led for a petition at the apex court.

Consequently, the jury at the Supreme Court of India has probed the regulatory matter. Simultaneously, an independent and interdisciplinary committee set up by the government has been examining and scrutinizing the intricacies of cryptocurrency that reckons it to be unwise to implement an outright ban. 

On the flip side, the government should ponder over meticulous regulatory framework that can clear the grey-shaded area in this space.

“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon,”as per the senior official of the committee.

The officials seem to have taken inputs from cryptocurrency exchanges and veterans, legal concerns are also on talks with the law ministry. 

The apprehensions and issues were discussed at G20 and the Financial Action Task Force (FATF) working group meetings by the RBI executive director Ganesh Kumar and finance ministry officials who are a part of the second committee.

Nevertheless, by February 2019, the committee is expected to present a descriptive report on its inference to the finance ministry.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 157 levels (which is bullish), while hourly USD spot index was at 37 (mildly bullish), while articulating (at 11:27 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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