{"id":15176,"date":"2021-12-10T15:54:17","date_gmt":"2021-12-10T15:54:17","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-prime-minister-narendra-modi-to-take-final-decision-on-cryptocurrency-regulation\/"},"modified":"2021-12-10T15:54:17","modified_gmt":"2021-12-10T15:54:17","slug":"indian-prime-minister-narendra-modi-to-take-final-decision-on-cryptocurrency-regulation","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/indian-prime-minister-narendra-modi-to-take-final-decision-on-cryptocurrency-regulation\/","title":{"rendered":"Indian Prime Minister Narendra Modi to Take Final Decision on Cryptocurrency Regulation"},"content":{"rendered":"

A high-level meeting is reportedly being held on cryptocurrency regulation in India and Prime Minister Narendra Modi will take a final decision on how India will regulate the crypto sector. All options are being discussed including full and partial regulation as well as a complete ban and a partial ban.<\/strong><\/p>\n

Indian Crypto Regulation to Be Decided by Prime Minister Modi<\/h2>\n

Indian Prime Minister Narendra Modi will take a final decision on the country\u2019s cryptocurrency regulation, the Economic Times reported Friday, citing two people familiar with the development.<\/p>\n

A high-level meeting was held Thursday to consider all options of how India should regulate the crypto sector, the publication noted, adding:<\/p>\n

The options include a complete ban on private cryptocurrencies, a partial ban, allowing all categories of crypto products with regulation, or just a select few with regulation.<\/p>\n

Issues discussed in the meeting included stakeholder views and concerns raised by the country\u2019s central bank. The Reserve Bank of India (RBI) has said on several occasions that it has \u201cserious<\/a>\u201d and \u201cmajor<\/a>\u201d concerns regarding cryptocurrency.<\/p>\n

The Indian government has listed<\/a> a bill titled \u201cCryptocurrency and Regulation of Official Digital Currency Bill 2021\u201d to be taken up in the current session of Lok Sabha, the lower house of India\u2019s parliament.<\/p>\n

Last week, Indian Finance Minister Nirmala Sitharaman answered<\/a> some questions regarding the cryptocurrency bill and the government\u2019s plan for the crypto sector. She confirmed that the bill had been reworked<\/a> from the original version that seeks to categorically ban cryptocurrencies.<\/p>\n

Reports then surfaced that the Indian government is planning to regulate <\/a>crypto assets, like bitcoin, with the Securities and Exchange Board of India (SEBI) as the main regulator. However, other reports indicate that the government seeks to ban<\/a> the use of crypto for payments and will set a deadline for investors to declare their crypto holdings. The bill will also set universal know-your-customer (KYC) rules for crypto exchanges.<\/p>\n

The publication added that the finance minister has finalized the draft note on the proposed cryptocurrency bill.<\/p>\n

However, the government felt that some sections of the bill need more detailed discussions, particularly \u201cthe principles underlying the bill\u201d and the broad details of how cryptocurrencies should be treated in India, the news outlet conveyed. One person noted that \u201cdiscussions are likely to focus on various options and pros and cons of adopting them,\u201d elaborating:<\/p>\n

PM will now take a final call on these.<\/p>\n

In November, Prime Minister Modi chaired<\/a> a high-level meeting on crypto regulation with participation from the finance ministry and the RBI. He also urged all democratic countries to collaborate<\/a> to ensure that cryptocurrencies, particularly bitcoin, do not fall into the wrong hands.<\/p>\n

On Friday, the prime minister said at a virtual summit hosted by U.S. President Joe Biden that emerging technologies, including cryptocurrencies. should be used to empower democracy, not undermine it.<\/p>\n

What do you think Prime Minister Narendra Modi will decide about India\u2019s crypto regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Cryptocurrency regulation, india crypto, india crypto regulation, Narendra Modi, Narendra Modi bitcoin, Narendra Modi crypto, Narendra Modi crypto bill, Narendra Modi crypto regulation<\/p>\n","protected":false},"excerpt":{"rendered":"

A high-level meeting is reportedly being held on cryptocurrency regulation in India and Prime Minister Narendra Modi will take a final decision on how India will regulate the crypto sector. All options are being discussed including full and partial regulation as well as a complete ban and a partial ban. Indian Crypto Regulation to Be…<\/p>\n","protected":false},"author":0,"featured_media":15177,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-15176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15176"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=15176"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/15177"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=15176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=15176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=15176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}