India May Have Quietly Shown Its Hand on Crypto Regulation

Agenti bitcoin in india

What is Bitcoin - How to Invest in Bitcoin in India for Beginners - Crypto Currency Kya Hai?

While we saw good tidings like the declaration of bitcoin as a legal tender in El Salvador, regulatory crackdowns in countries like China have turned the market bearish. More quietly, in India a seismic regulatory development has passed by relatively unnoticed.

The past few months have seen some positive regulatory moves by the government here.

agenti bitcoin in india

She went on to emphasize the need for experimentation in blockchain and cryptocurrency. Related: Nigeria Is the Lion of Africa in Bitcoin P2P Trading Later, the Ministry of Corporate Affairs MCA declared it mandatory for companies to declare their crypto investments during the financial year — considered by some as a step towards regulations, even agenti bitcoin in india towards the possibility of upcoming tax regulations.

All fondatore bitcoin australiano developments have led to a major boom in the Indian crypto industry. On the other hand, Indian crypto exchanges saw their banking access being restricted.

agenti bitcoin in india

Binance companies have had to cease operations in Ontario and now in agenti bitcoin in india U. The case could have ramifications for the treatment of cryptocurrency under Indian law. Apart from an unverified news report that cryptocurrency might be viewed as an asset which was superseded by this verdictthere has been no indication of whether the government views these assets as currency, commodity or in other terms.

However, two important public documents now equate crypto to currency in functionality.

India May Have Quietly Shown Its Hand on Crypto Regulation

Related: Bitcoin News Roundup for July 2, The recent ED notice contains a single apparently innocuous sentence which has been missed by most observers. This builds upon a second public sector document that revealed similar conclusions: the Indian Supreme Court verdict on cryptocurrency that came out in March This was a part of other major red flags that I had analyzed in this video the day after the verdict.

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The Supreme Court came to a similar assessment that cryptocurrency could very well function as money even if the law did not recognize it that way.

The Supreme Court verdict at several points also reiterates this conclusion that cryptocurrencies are quite capable of functioning as money, despite what is decided on their legal tender status.

Although the RBI has made no comment with regard to the nature of cryptocurrencies, in its circular it did cite the potential of virtual currencies to create a parallel system of payment that albeit does not fit the criteria of a payment system.

agenti bitcoin in india

Any money-like instrument is firmly under the supervision of the Reserve Bank of India, which has held a consistent stance on cryptocurrency since The flow and transfer of money is highly regulated in India, both within the financial system as well as across borders, opening up multiple regulatory considerations for industry players.

There could also be implications for the treatment of NFTs, DeFi and other breakthroughs in the sector.

agenti bitcoin in india

This is one development to track closely. Related Stories.

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