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India May Not Ban Cryptocurrencies, But Treat Them as Commodities

India May Not Ban Cryptocurrencies, But Treat Them as Commodities

India wouldn’t put a sweeping ban on digital currencies, but instead regard them as commodities, an anonymous source in the government told.

Finance Ministry panel of India has requested an investigation on cryptocurrencies, which may propose that the government would regard them as commodities. A senior government official with information of the panel’s exchange informed that they question the government intends to ban cryptocurrencies.

The source said that controllers’ fundamental concern is the way to viably direct the exchange and recognize “where the cash is originating from.” They included that, “permitting it as a commodity may give us a chance to better manage exchange thus that is being taken a gander at.”

The official told that the board of trustees is most worried about following speculators and supports keeping in mind the end goal to battle illegal tax avoidance and unlawful financing

As indicated by previous Reserve Bank of India (RBI) agent senator R Gandhi opined that regarding cryptocurrencies as commodities would obviously show to speculators that crypto isn’t genuine money:

In May, the (RBI) Reserve Bank of India reported that it will never again give services to any individual or organization that arrangements with cryptocurrencies, however, the bank expressed it is wanting to issue its own cryptocurrency later on. In January the Indian Finance Ministry reprimanded Bitcoin (BTC) and other digital currencies for their absence of inborn esteem. The Indian Finance Ministry said there is “a genuine and elevated danger of speculation rise of the sort seen in Ponzi schemes, which can bring about sudden and delayed crash uncovering financial specialists.”

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  • Excellent idea. This would bring the whole sector within a regulatory framework giving the public greater reassurance but primarily from any governments point of view it reduces the prospect of wholesale tax avoidance, money laundering and fraud. Giving the public greater protection is essential for the long term and wider adoption of crypto currencies.

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