Finance News
By James Thorp
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India, now acknowledges that financial technology firms depend on the blockchain. Also, the Finance Minister of the Country expresses an understanding that the technology…
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Nirmala Sitaraman, Finance Minister stated, “From our side, we are very clear that we are not shutting all options.
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The Finance Minister also acknowledged that Fintech depends upon such experiments and that they will have that window made available.
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The cabinet accordingly to the finance minister of India are working on a formulation/regulation that will be ready soon.
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The Finance Minister also stated, “A lot of fintech companies have made a lot of progress on it. We have got several presentations. Much work at the state level is happening.
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Of note, the Supreme Court of India has made a comment on cryptocurrency. It is expected that the Reserve Bank of India will likely take a call on an official cryptocurrency.
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The Finance Minister has stated once Parliament is over, I will probably spend more time executing and planning on that.
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It is very clear that the existing laws are not enough to deal with the subject.
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It is important to recollect that the SC, in March 2020, struck down RBI’s instructions on banks refraining from providing services to crypto trading platforms, thus creating…
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It is only with new legislation that the government’s stand on cryptocurrencies will be clarified.
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Previously, an inter-ministerial committee (IMC), which is headed by former finance secretary Subhash Chandra Garg, suggested a draft Bill to ban cryptocurrencies.
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There was a question made in this regard in the parliament and the Finance Minister reportedly has stated, “The government will take a decision on recommendations of the IMC.”
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It just looks like even countries who absolutely did not want to deal with cryptocurrencies are now trying to do something about creating a window to accept it.
The Currency Analytics
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