Key Takeaways
- Indian Lawmaker states that proposed crypto law will be distinct and unique
- The crypto bill is expected to address the peculiarities of the Indian finance sector
- Adopting crypto-assets will be a major plus to India’s fast-growing economy
Sinha made these statements during a conference organized by stakeholders in the local blockchain community.
He started by acknowledging that it will be impossible for India to adopt cryptocurrency regulations used by developed economies due to financial systems differences.
The Lawmaker further clarified that the ideal regulation would have to be distinct and unique to address the peculiarities in the financial sector.
He further added that the country needs to strike a balance between stability and growth but admitted that crypto was an essential aspect of Finance.
Sinha concluded that security was also a significant aspect to be noted when drafting crypto regulations.
He cited the use of cryptocurrencies for funding terror and criminal activities as a reason for crypto to have complete oversight from government and financial regulators.
Singha's statement comes a few days after a former government official R Gandhi noted the importance of crypto regulations in Asian countries.
Gandhi, who served as deputy governor of the Indian Central Bank, noted that the government must recognize cryptocurrencies as an asset or commodity.
He further added that regulating cryptocurrencies would help reduce the number of illegal transactions within the Indian crypto space.
It is understood that the Indian government has begun researching ways to regulate digital assets effectively.
This comes as a change from previous reports indicating that the country wanted to ban all digital currencies like bitcoin.
India is one of the fastest-growing economies globally, and adopting digital assets will help the country gain a significant stake in the digital era of finances.
What are your thoughts on India’s approach to crypto regulations?
