Crypto & India - Some Positive Vibes (Government against Ban)

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(Edited)

India stance on crypto is still unclear. The haze over the crypto bills pending at table for discussion is completelly in dark. Everyday, new NEWS broke out keeping investors hope alive and sometimes it creates panic. This time, again we have some interesting news coming out from a news channel and seems the clouds over the crypto bills are moving away.

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As far as the latest update, the Government is not planning to ban Crypto, instead putting regulation in place. As per the news that broke out here are some of the major points that supports Crypto adoption in India.

  • Crypto in India to be regulated by SEBI. Securities and Exchange Board of India (SEBI) is the governing body that regulates all stock trading in India.

  • Government is looking for a middle path to avoid crypto going under DARK NET.

  • All Private Currency are regulated and not banned. private currency stands for all currency which are not regulated by government.

  • Change in name, instead of Cryptocurrency, Government wanted it to be called as CryptoAssets.

  • Cryptocurrency will not be regulated as legal tender in the country.

  • A cut off date to be decided for all the current investors and hodlers to to declare their holding to bring under regulation.

  • Penalties ranging from 5-10 cr and imprisonment of 1-2 yrs for disclosing the holding and failing to bring it under regulation.

The news is broke out by a private TV news channel that aired on national television. Here is the clip of the news broadcast.

https://twitter.com/ndtv/status/1466393616130220034?t=eST_jUOG3pHIRVoGQHlnog&s=19

There is no smoke without fire. Listening to entire news, it seems the dark clouds over crypto regulation in India is getting clear. If the news are true then, definately these are positive move by governmeny for crypto adoption in India. A complete ban would certainly hamper the mood of many crypto enthusiasts. Hope politics doesn't get involved with the technology.

Hope we get a government nod on the bills sooner and a press release would be in pipeline to cheer up crypto investors mood.

Peace

Namaste @steemflow

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What's your plan my friend? The government is always scary. There were also supposed to be regulations in Poland, but so far we are sticking to it

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Same here we are sticking to it...😉 there are billions of amount invested and many user backing crypto. ...so not a easy way to ban it....government must find out their source of income through crypto by regulating and imposing tax...as far as I see it...🤑

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