India Divided on Whether to Ban Crypto Use

As India works on the invoice to regulate cryptocurrencies, every authorities division has its personal opinion on whether or not to ban using crypto, together with bitcoin. The Finance Ministry, the Reserve Financial institution of India (RBI), the Earnings Tax Division, and the Particular Investigation Staff have voiced their opinions on the upcoming invoice.

Additionally learn: Russian Regulators Draft Legislation to Prohibit Crypto Mining, Funds, and Token Gross sales

No Consensus Amongst Regulators

India is making ready a invoice on the regulation of cryptocurrency. “The invoice has been drafted and session has been began with the involved company,” the Navbharat Occasions reported final week. The information outlet quoted sources explaining that the regulators are divided on whether or not to ban using cryptocurrencies corresponding to bitcoin.

“The finance ministry is in favor of regulating [cryptocurrency],” sources stated. The Earnings Tax Division, on the opposite,…

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