As previously reported, the Securities and Exchange Board of India (SEBI) would be in charge of overseeing and regulating the country’s cryptocurrency industry, which would fall under its purview. According to the story, investors who have exposure to private cryptocurrencies in India would not be prohibited from continuing to do so, in accordance with an anonymous source.
According to the conclusions of an analysis conducted by the Austrian Broadcasting Corporation (ORF) not long ago, a ban would be “technically unfeasible.” The government’s endorsement of India’s stance on the formation of an underground cryptocurrency market, which was opposed by the United States, was achieved via the regulation of the business.
According to NDTV, a cabinet note supplied by the Indian government implies that cryptocurrencies would be referred to as crypto assets and that investors will be required to disclose their holdings in cryptocurrencies in order to avoid taxation. The writers of the paper uncovered something interesting.
People who hold crypto assets and wish to declare them and place them under regulatory monitoring will be given a deadline by which to do so.
Digital Rupee Still on Track
Consider the fact that on November 29, the Reserve Bank of India (RBI) submitted a proposal for a digital Rupee to Parliament, which was overwhelmingly accepted by the House of Commons. The CBDC draft does not seem to be a part of the same legislation as the RBI’s submission to the house, but insiders assert that it is so.
People who are found to be in violation of the exchange’s rules and regulations may be subject to a number of punishments in addition to those currently in place, according to the exchange. Criminal imprisonment for up to one and a half years is possible, as are fines ranging from INR 50 million to INR 200 million, depending on the seriousness of the violation committed. Penalties may also include fines ranging from INR 50 million to INR 200 million.
Upon being queried about the proposed Crypto Bill, Subhash Garg, the former Finance Secretary who was in charge of drafting it, said he believed the bill’s language prohibiting the usage of cryptocurrencies was “an error.” Even though specific recommendations have been made by the watchdogs, such as increasing investor knowledge and putting an end to illicit cryptocurrency activities, it is believed that the general public will not follow through on these recommendations.
After gaining Cabinet approval, Finance Minister Nirmala Sitharaman said that a new crypto-bill, which has been changed, will be introduced in Parliament within a short amount of time after receiving Cabinet approval. According to the latest information, no proposal to recognize Bitcoin as a valid form of money or currency has been made public at this time.
Aside from that, the current legislative session will be brought to a close on December 23 with the approval of the 2019 federal budget proposal.
