Legislation on cryptocurrencies in India will be unique

The chairman of the Indian Parliament’s Standing Committee on Finance has announced that legislation on cryptocurrencies in India will be “unique.”

Statement of the competent

Jayant Sinha, a member of the ruling Bharatiya Janata party, explained that it is currently not possible to accept cryptocurrencies for India as elsewhere because India is still does not have fully functional convertibility of capital. He explained that the laws in India on cryptocurrencies would not be governed by rules such as those in the US, Japan or El Salvador, where a historic event took place this week.

“Our solution will have to be unique because of our unique situation. We need to balance stability and growth. And we are also aware of the importance of the whole area of ​​cryptocurrencies, “said J. Sinha.

He further noted that the Committee would consider legislation on cryptocurrencies with regard to national security. “We have to be very careful where cryptocurrencies are used. We need to keep in mind that cryptocurrencies can be a tool, for example, for financing terrorism, so we need to pay attention to the security threats we may face. “

The future of cryptocurrencies in India

This week, a former representative of the Reserve Bank in India (RBI) R. Gandhi stated that cryptocurrencies must be in India regulated and must comply with applicable laws.

He explains: “Once cryptocurrencies are legal and accepted, then certain rules come into force and cryptocurrencies can be used to pay for goods and other services. Then their people will be able to automatically start buying, selling or to evaluate.

According to the latest report, the Indian government plans to regulate cryptocurrencies as assets. We could see earlier news about the government’s plan to ban all cryptocurrencies. It is no secret that the use of a digital currency – rupee – is planned in India. We can see similar steps in countries such as the People’s Republic of China or the Russian Federation. It is still unlikely that BTC and other cryptocurrencies will survive the confession in these countries.