India Studying Other Countries Crypto Regulation Framework
While November of 2021 proved to be fraught with lots of obstacles for the crypto community in India.
The Indian crypto community has been speculating for some time that India is going to ban crypto, but the positive and good news is that India is only planning to control it.
In light of the debate in the Winter Parliament session, when India’s crypto bill 2021 comes out, the real problem for India to regulate crypto assets will also come into existence.
Currently, the crypto bill 2021 is still in the private domain at the Cabinet table. The Cabinet note confirmed that the Indian Crypto Bill 2021 contains guidelines to regulate crypto without imposing a ban on them.
Current local media reports state that regulators in India are now studying and exploring the framework of foreign countries.
Reportedly the government is trying to gather all possible information about how other countries are controlling and regulating their crypto industry sector.
“The government wants to set global standards for cryptocurrencies in accordance with the European Union (EU) and other jurisdictions,” as CNBC TV18 reported.
In addition to these elements of the crypto bill 2021, the Reserve Bank of India (RBI) is in consultation with the Swiss-based Bank for International Settlement (BIS), situated in Basel to further understand the concept of CBDCs and it’s adoption along with their policies and improved frameworks.
Recently, Nischal Shetty, founder of Binance-owned Indian Crypto Exchange WazirX, shared his position on crypto adoption and said that crypto is like the internet and all countries should work together to adopt it.
When the Indian crypto community was panicking and blindly selling their crypto assets, on that occasion the founder of WazirX said that, while we have been waiting for crypto regulation for a long time, then why should people be afraid of it. It’s the time to rejoice for all of us.
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