"The fate of Indian cryptocurrency owners is unbalanced as a result of government eye control".

The fate of Indian cryptocurrency owners is unbalanced as a result of government eye control

14.02.2021

With the growing interest of investors in cryptocurrencies, the Centre's consideration and the possibility of introducing the Cryptocurrency, the Official Digital Currency Bill 2021, the fortunes of nearly seven million cryptocurrency owners in India are unbalanced.

Industry experts fear the proposed bill could stem the rise of cryptocurrency, which gained traction in India in 2020. In particular, the Union Minister of State for Finance and Corporate Affairs has already said that the government will explore the use of blockchain technology to establish a digital economy.

However, the government is reconsidering its position that it does not consider cryptocurrency as a legal tender. This will result in the use of crypto assets to finance illegal activities. KPMG India’s partner says many countries have allowed the use of cryptocurrencies when setting up their monitoring systems.

The proposed bill is a step towards the beginning of the regulatory framework, but it will be important to understand how the proposed bill model is being used by other models around the world in this highly interconnected digital global economy.

KPMG said that in the case of cryptocurrencies such as statistcoins, the country has taken various measures, which are supported by resources and reduce a kind of instability. Sawin Gupta, CEO and co-founder of one of the largest cryptocurrency exchanges in India, KoenDisX, said that cryptocurrencies like Bitcoin will be considered a public cryptocurrency worldwide.

As a result, participants can transparently verify transactions. He added that the RBI has indicated that it may explore ways to come out with India's own CBDC, like other countries such as the UK, Canada, Japan, Singapore and Hong Kong.

EOI India’s partner Forensic and Integrity Services says it is not good to ban cryptocurrencies because aspects like cryptocurrency related KOIC rules, taxes are important to boost user confidence.

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The fate of Indian cryptocurrency owners is unbalanced as a result of government eye control