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Indian Prime Minister Narendra Modi to Decide on Crypto Regulation

According to reports, a high-level meeting will be held in India on cryptocurrency regulation. Prime Minister Narendra Modi will make the final decision about how India will regulate this sector. There are many options, including partial and full regulation, as well as complete and partial bans and partial bans.

Prime Minister Modi to Decide on Indian Crypto Regulation

According to the Economic Times, Indian Prime Minister Narendra Modi will make a decision about the country’s cryptocurrency regulation. The report was based on two sources familiar with the matter.

The publication reported that a high-level meeting took place Thursday to discuss all options for how India should regulate crypto.

There are three options: a total ban on private cryptocurrency, a partial ban that allows all types of crypto products to be regulated, or a few exceptions.

The meeting discussed issues such as concerns and views from stakeholders. On several occasions, the Reserve Bank of India (RBI), has stated that it has serious and major concerns about cryptocurrency.

Indian government has submitted a bill entitled “Cryptocurrency Regulation of Official Digital Currency Bill 2021”, which will be considered by Lok Sabha, India’s lower house.

Indian Finance Minister Nirmala Sitharaman answered questions about the cryptocurrency bill last week and the government’s plans for the sector. She confirmed that the bill was reworked from its original version, which seeks to ban all cryptocurrencies.

The Securities and Exchange Board of India, (SEBI), was reported to be the primary regulator for crypto assets like bitcoin. Other reports suggest that the government wants to ban crypto payments and set a deadline for crypto investors to declare their holdings. It will also establish universal know-your customer (KYC), rules for crypto exchanges.

The publication also stated that the finance minister had finalized the draft note regarding the proposed cryptocurrency bill.

The government thought that certain sections of the bill needed to be discussed more in detail, especially “the principles underpinning the bill” as well as the details about how cryptocurrencies should work in India. One person stated that discussions would likely focus on different options and the pros and cons of adopting them.

These will be referred to PM for a final decision.

The November meeting was chaired by Prime Minister Modi and included participation from the RBI and finance ministry. He also called on all democratic countries to work together to make sure that cryptocurrencies, especially bitcoin, don’t fall into the wrong hands.

At a virtual summit hosted Friday by Joe Biden, the prime minister stated that emerging technologies including cryptocurrency were important. Should be used to strengthen democracy and not weaken it.