Last month a report suggested that the India govt is expected to release a consultation paper on cryptocurrency regulation. This new crypto regulation will made with the help of a panel headed by the Secretary of the Department of Economic Affairs (DEA).
India to release Consultation Paper on Cryptocurrency Regulation
As per the report, the consultation paper may release between September and October 2024. To make a consultation paper, the department will seek feedback from the stakeholders on effective regulation.
In this new regulation, a YouTube channel talks with the co-founder of CryptooIndia, Aditya Sing, and discusses the latest updates on cryptocurrency regulation in India.
In this video, Aditya mentions that this step could be a significant sign regarding the digital currencies in India as in 2019, the inter-ministerial committee headed by Finance Secretary Subhash Chandra Garg suggested heavy penalties of up to Rs. 25 crores and a jail term of up to 10 years for anyone who to hold, sell, or buy cryptocurrency.
The upcoming consultation paper on cryptocurrency regulation could offer the way of clear guidelines and regulations for mines, generating, holding, selling, transferring, or issuing cryptocurrency.
Moreover, the Switch YouTube channel speaker and Aditya continue to talk about the major benefits of crypto regulation in India. These benefits include increased adoption of digital currency, Job creation, and revenue generation.
He also expected that the government would take a positive approach toward cryptocurrency regulation and create a better environment.
This move is significant as India toward cryptocurrency, following Finance Minister Nirmala Sitharaman said that the G20 nation has adopted a positive approach to regulating cryptocurrency, in October 2023.
“Given the understanding that globally now all of us are on the same page about how regulations can happen, country and their specific legislative arrangements will also have to be worked out. So it will be at the same time working across countries, between countries in a macro sense and also coming down to the level of individual countries and their own measures that they would want to take,” she said.
