EXCELLENT news today out of India!
The country is reportedly looking into crypto regulations and asset classification, as opposed to an outright ban of Bitcoin.
This is a very bullish sign for investors, and it is a very healthy sign for Bitcoin as a digital asset, as India is home to a whopping 1.3 billion people.
Personally, I always like to keep an eye on the big emerging markets when we are talking crypto, since it is these regions which stand to gain the most from crypto adoption.
A lack of reliable financial services has plagued many parts of India and Africa for the entirety of the 20th and 21st centuries.
The advent of crypto might just be the solution the billions of people inhabiting both places need.
Here’s the latest:
Indian government to most likely designate Bitcoin as an asset class, market regulator Securities and Exchange Board of India (SEBI) would be in charge of regulating the cryptocurrency sector.https://t.co/kGiBSzHYrC
— Swarajya (@SwarajyaMag) June 10, 2021
Good progress on Bitcoin in India.https://t.co/mDsUiPnAZw pic.twitter.com/Sv6JkDUHb7
— balajis.com (@balajis) June 10, 2021
Coin Telegraph let us in on the details:
These inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July. An expert panel created by the finance ministry is reportedly studying protocols for crypto regulation and its finding could form part of the parliamentary deliberations next month.
Commenting on the emerging positive signals on the crypto regulatory front, Ketan Surana, a member of the Internet and Mobile Association of India said:
“We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation.”
Back in May, Indiatech.org, a technology lobby group in India, urged the government to define crypto as digital assets and not currencies.
What a u-turn. After three years of legal battles and countless of committees, bitcoin may finally be regulated as an asset class in India. “We can definit…Read more: https://t.co/gLPyeALaTp
— webnow🌎 (@webnowcompany) June 10, 2021
India – here's your chance to fix the wealth gap, income inequality and raise the standard of living for millions of people from lower middle class & poverty.
Adopt #Bitcoin and crypto – let financial innovation thrive. pic.twitter.com/uYtXvbtNSx
— DeepBlueCrypto (@DeepBlueCrypto) June 10, 2021
Reuters reported another encouraging sign:
Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies.
Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over 100 billion rupees ($1.37 billion).
According to four sources, who declined to be identified as they were not authorised to comment on private discussions, U.S.-based Kraken, British Virgin Islands-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein.
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