After months of FUD and even that one guy who sold all his holding because he thought he was going to jail, India is finally taking a stance of not banning cryptocurrencies and will instead regulate it!
Nischall Shetty, Co-founder of WazirX, tweeted today about the details of how India is going to proceed with regulating cryptocurrencies. They will be forming a separate committee to discus this and will include major crypto leaders in regulation process.
Here are the key points for anyone interested:
Crypto classified as “Digital Assets”
Committee core is to “Regulate” Crypto
Government understands crypto is cutting edge, 2019 Bill outdated
Government wants to engage with industry
FinMin monitoring Crypto volumes in country
FinMin engaging with stakeholders to understand all supervisory risks
- Fresh panel to be formed
RBIs CBDC initiative to get a boost as well
Mr. Anurag Thakur might be part of the committee!
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