India may implement strict regulations to legalise the use of bitcoin
India’s one of the biggest newspapers, New Indian Express, revealed that Indian government may legalize the use of Bitcoin but with harsh regulations. Indian Central Bank (RBI) has already prevented all banking systems to work with crypto exchanges in the last year. This ban forced Zebpay to stop its operation in India in September, 2018. However, it seems 2019 may bring some good news for crypto industry and investors.
According to the newspaper, a body set up by government has already made a report on bitcoin legalization after having two meetings and the same could be submitted to the Ministry of Finance in India next month. The newspaper collected information from a source which reveals that the use of Bitcoin could be possible in India under some hard regulations.
“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon.”
People are guessing the decision may be politically motivated as Lok Sabha election is going to be held in India very soon in 2019. The ruling party of India has already lost three elections in three different states. So this can be the root reason which forced Indian government to think once again on bitcoin legalization in India. However, we can’t say anything until government legalizes cryptocurrency in the country.
The government body has already been in Japan to meet with crypto exchanges to know how cryptocurrency technology works. Now they are scheduling to meet with the law ministry so that they could discuss on legal matters which could help regulate cryptocurrency in India.
This is second government committee who is currently working on cryptocurrency and planning to discuss on new regulation to legalize Bitcoin in India. However, first committee had suggested banning the use of bitcoin in India which forced RBI to prevent all the banking systems from making transaction with cryptocurrency exchanges. This matter is already in Supreme Court as various exchanges challenged it.
The first government committee was constituted with Reserve Bank of India, Central Bank, The ministry of Home Affairs and the Ministry of Finance, while the second committee included the Securities and Exchange Board of India in addition to the members who participated in the first panel.
It will be too early to make any prediction until government legalize the use of Bitcoin in India. Till then we will have to wait for the next news.
Source: https://cryptodaily.co.uk/2019/01/bitcoin-regulations-for-india-if-legalised
Amazing Demographics per Zerohedge:
"An Indian Company Announced 63,000 Job Openings... 19 Million People Applied"----"A Washington Post article estimates that the number of people in India between age of 15 and 34 is expected to hit 480 million by the year 2021. "