According to reports, India is holding a high-level meeting on cryptocurrency regulation, and Prime Minister Narendra Modi will make a final decision on how India will regulate the crypto industry. All options are being discussed, including full and partial regulation, and full and partial bans.

India’s cryptocurrency regulation will be decided by Prime Minister Modi

According to the “Economic Times” on Friday, citing two people familiar with the matter, Indian Prime Minister Narendra Modi will make the final decision on the country’s cryptocurrency regulation.

The publication noted that a high-level meeting was held on Thursday to consider how India should regulate all options in the crypto industry, adding:

These options include banning private cryptocurrencies completely, partially banning, allowing all types of encryption products to be regulated, or only a few.

The issues discussed at the meeting included the views of stakeholders and the concerns raised by the country’s central bank. The Reserve Bank of India (RBI) has repeatedly stated that it has “Serious” and”Considerable“Worries about cryptocurrency.

The Indian government has Listed A bill called “Cryptocurrency and Official Digital Currency Regulations 2021” will be considered in the current session of the Lower House of the Lower House of the Indian Parliament.

Last week, Indian Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) answer Some questions about the Cryptocurrency Act and the government’s encryption industry plan.She confirmed that the bill has Rework From the original version that tried to explicitly ban cryptocurrencies.

Then there were reports that the Indian government was planning adjust Encrypted assets, such as Bitcoin, have the Securities and Exchange Commission of India (SEBI) as the main regulatory agency.However, other reports indicate that the government seeks ban Use cryptocurrency to make payments and set a deadline for investors to declare their cryptocurrency assets. The bill will also establish general Know Your Customer (KYC) rules for cryptocurrency exchanges.

The publication added that the Minister of Finance has completed a draft clarification on the proposed cryptocurrency bill.

However, the government believes that certain parts of the bill need to be discussed in more detail, especially the “basic principles of the bill” and the extensive details of how cryptocurrencies should be handled in India, the news media said. One person pointed out that “discussions may focus on various options and the pros and cons of adopting them” and elaborated:

PM will now make one last call to these.

In November, Prime Minister Modi Host A high-level meeting on cryptocurrency regulation attended by the Ministry of Finance and the Reserve Bank of India.He also urged all democracies cooperate Ensure that cryptocurrencies, especially Bitcoin, will not fall into the wrong hands.

On Friday, the Prime Minister said at a virtual summit hosted by US President Joe Biden that emerging technologies including cryptocurrencies. It should be used to empower democracy, not to destroy it.

How do you think Indian Prime Minister Narendra Modi (Narendra Modi) will decide India’s crypto regulation? Please let us know in the comments section below.

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