India Will Carve Own Crypto Path Instead Of Following US Or El Salvador, Says Jayant Sinha
Cryptocurrencies are increasingly becoming a matter of national importance for all countries and India isn't far behind. During an online event, Chairman of the Parliamentary Standing Committee on Finance, Jayant Sinha said that the Indian government will follow a peculiar approach to regulate cryptocurrencies in India.?
India will chart its own crypto path
Sinha added that India is not likely to follow the route taken by countries like the United States, Japan, or El Salvador.India has a strong base to facilitate cryptocurrency exchange, but digital currencies have not been recognised by the government so far.?
Sinha was speaking at HODL - 2021, a crypto asset conference organised by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI).?
Sinha also claimed that cryptocurrency regulation mechanism would be put in place after consultations with all stakeholders, including a parliamentary approval. It appears that the government is looking at provisions "unique to India", NDTV quoted Sinha as saying.
Also read:?RBI Plans Digital Rupee Trials By December 2021, As It Looks Beyond Crypto
In addition, he claimed that cryptocurrency legislation ought to take into account India's security concerns. In January, 2021 the Indian government meted out a bill to ban all cryptocurrencies while favouring the rollout of a digital rupee overseen and sanctioned by the Reserve Bank of India (RBI).?
During the same time, Minister of State for Finance, Anurag Singh Thakur claimed that Indian government does not consider crypto "legal tender or coins".There seems to be a shift from this understanding, as clearly displayed by Sinha's statements.?
Also read:?Non-Fungible Tokens: How 'Punk' Crypto Trend Gave Rise To NFTs For Digital Art
Reports indicate that India has at least 15 million cryptocurrency investors, with the number only expected to increase over the coming years.By 2027, the crypto market is expected to grow by 11.2 per cent (at $1,758 million) according to Fortune Business Insights.?
Currently, India is in the process of beginning trials for its digital rupee which will be under the moderation of RBI. Shaktikanta Das, RBI's governor told CNBC in August that the trial run is expected to begin by December, 2021.?
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