India is currently working on a draft law to regulate the digital currency. The indian authorities have strong views concerning the ban on crypto-currencies, including Bitcoin. The ministry of Finance, the central bank of India, department of income tax and the special investigation team have expressed their opinions on this bill.
Below is a video detailing these facts :
The regulators fail to reach a consensus
India seeks to put in place regulations on the market of the virtual currency. The draft law has been prepared and consultations have already been started. Regulators may be divided on the possibility to ban crypto-currencies such as Bitcoin. The ministry of Finance would be in favour of the regulation of the virtual currency. In addition, the department of income tax would not be conducive to the regulation. It is the same for the indian central bank.
Source : Pixabay. The indian authorities are not of the same opinion about the prohibition of crypto-currencies.
The special investigation team (SIT) would be against the use of crypto-currencies. This institution has already asked the Office of narcotics control board and the department of income tax to take adequate measures to prevent the use of the digital currency.
The ban on crypto-currencies would not be possible, according to experts
The debate also takes place in the private sector. According to the expert in cyber-law based in Delhi, Sarvesh Tyagi, the SIT could not succeed to ban the use of crypto-currencies. This is not a solution, he said. India needs a regulatory authority, explained Mr. Tyagi.
The indian central bank announced earlier this month that the services related to crypto-currencies would be stopped. The country’s banks have 3 months to terminate their relationship with the companies operating on the market of the virtual currency. However, the company Kali Digital Eco-Systems has already appealed to the High Court of Delhi to challenge the repression of the indian central bank.
Source : NewsBitcoin