Crypto Needs Positive Regulations – Not Ban

Steven Anderson By Steven Anderson August 11, 2019 0
crypto regulation

When talking about regulatory authorities banning the Bitcoin, Andreas Antonopoulos, Bitcoin advocate previously remarked, “You cannot ban Bitcoin in your country. You can only ban your country out of Bitcoin.”

One of the tweets read “Indian Income Tax Department Again Sending Notices to Cryptocurrency Traders and Investors.”  The tweet further read that “This is why Crypto needs positive regulations in India.  Unsuspecting traders and investors are being dragged into the complexities of Income Tax Assessment.”

Nirmala Sitharaman, Indian Finance Minister when talking about cryptocurrencies, stated, “I had the presentation done before me. The committee has done extensive work on it. Inputs that have come in; if I compare several other countries where this kind of study has been done on cryptocurrencies, we have done very well.”  She further stated that the study was reported to the court and that she did not spend time on it after the presentation and that the government will look into it and come back with a position on it.

The Supreme Court Bench in India consisting of Justice Rohinton NarimanandSurya Kant required that the petitioner body submit a chart containing the details of the judgments of courts from different countries in the world.

Chances are high for the cryptocurrency to move to the black market if it is banned.  Eventually, this will make things harder for the government to deal with. 

The inter-ministerial committee has recently implemented a blanket ban on the cryptocurrency.  Final arguments are on concerning a slew of cryptocurrency cases in the Supreme Court of India.  The IAMAI counsel stated that the RBI’s decision concerning cryptocurrencies was, “arbitrary, unfair and unconstitutional.”

There also is mistrust about cryptocurrencies among the US lawmakers.  However, Mike Crapo, Committee Chairman of the US Senate Committee on Banking, Housing and Urban Affairs stated, “If the US were to decide we don’t want cryptocurrency and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation.”

The Financial Conduct Authority in the UK has issued a fresh warning, and they have now stated previously, “Consumers should be cautious when investing in such crypto-assets and should ensure they understand and can bear the risks involved with assets that have no intrinsic value.”

There is a widespread opinion that the cryptocurrency should be regulated and it should not be banned. The need to conduct anonymous transactions is never going to end and what will happen to cryptocurrency will, in part, depend upon what people think about it.