The Indian government issued a blanket prohibition on the purchase and sale of all of the digital assets, the at the 5. July is in force. After a three-month pre-warning time the ban was implemented at the beginning of July. It was a step to prevent illegal activities, including money laundering, followed by a similar action two years ago, had the complete destruction of high-quality banknotes. India has taken currencies in the past, we know that a negative attitude towards Crypto, which have led to regulatory conflicts, and the enormous price fluctuations on the local market. In mid-August, the Indian government was considering its own crypto-Token for financial transactions in the country, despite the existing ban of crypto-currencies was not repealed.
In the meantime, various regulatory authorities and their representative bodies to find solutions to political changes on the Blockchain and crypto currency market in India. The Securities and Exchange Board of India (SEBI) will be part of an ongoing court hearing, which is also followed by various companies and cryptocurrency groups in the whole country. The SEBI has just released an annual report that includes an interesting step to appoint government representatives to the United Kingdom, Switzerland and Japan. It is to be carried out on a research journey via the implementation of various laws and regulations to crypto-currencies in other countries. The selected countries were chosen due to their early implementation of positive regulations to Kryptos. The growth of trade and the transfer of Knowledge about crypto-currencies and Blockchain technologies should be promoted by using these countries.
Government interest in Blockchain
The annual report expressed various concerns about the regulation of crypto currencies in India, as described in the Following:
The developments in this regard need to be monitored, since some of the operations of the stock markets can shift in the Peer-to-Peer mode, which can also lead to a greater use of cash. The possibilities of Migration from crypto-Exchanges to black markets and Offshore locations, which give rise to concerns in relation to AML/CFT (Anti-money laundering / combating the financing of terrorism) and for tax matters, require a detailed analysis.
The biggest concern of the government and the SEBI, has been in place since time immemorial, the customer data, the anti-money laundering and the associated fluctuations in the crypto-currency, which led to a variety of market speculation that up to December 2017, to endure and finally crash the courses. Like Anand Bhushan, a Partner Shardul Amarchand Mangaldas & co., mentioned to Bloomberg, already,
No one is currently able to assess the risk. In the Minute you have clarity about Exchanges and whether digital currencies can be used as a means of payment, or if you are more likely to be treated as a commodity, there will be less speculation and a lot more stability in pricing.
Why Japan, Switzerland and the United Kingdom?
The SEBI chose Japan, Switzerland and the UK as a strategic location for the secondment of its senior members of the research, mainly because of their previous positions and decisions in relation to crypto-currency regulations. The Japanese Financial Services Agency was one of the first financial companies in the world, which regulated the exchange of crypto-currencies by law, and a framework for its business activities and its growth in the country.
Japan is the first and only country with a decent legal system that regulates the crypto currency trading. This is a great relief. Before the law on crypto-currencies, people Worried about what would happen with their money made, if an Exchange would go bankrupt.
is Midori Kanemitsu, the Chief Financial Officer of one of the largest Japanese crypto-currency, bitFlyer Inc. At the beginning of the year quoted.
As well as in Switzerland and the United Kingdom have long been used as market places for foreign financial reserves are well known and have relatively introduced effective laws, which allow trading with crypto-currencies. The Crypto Fund AG, a daughter company of the Swiss Crypto Finance Group (CFG), headquartered in Zug, had been given by the financial market Supervisory authority FINMA (Swiss financial market Supervisory authority) for permission to distribute funds to qualified Blockchain-investors, as an example of the steps of the Federal government in the right direction.
The future of crypto-currencies in India
The policies of SEBI have currencies been very negative for Crypto, and the expansion of the block chain technology in India proven. You have, in General, led to the fact that the Indian market is isolated from the Rest of the world, even though the jobs in the areas of crypto-currency and Blockchain, have been recorded this year, a growth of 50 percent. The same is true for Jobs in the field of artificial intelligence (AI). If the SEBI is justified on the basis of this ongoing research, a positive regulatory framework, could be the future of cryptocurrencies and Blockchain-technologies for India and the surrounding subcontinent positive.
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If the topic of crypto-currency is new to you, please consider our “important tips” for crypto-newbies. Since safety is the most important thing, you might be interested also to “How do I secure my Kryptos”.
If you want to expand to other interesting news are read here as Australia is its dominance in the crypto area, or here what has crypto Ticker at the RCon3.
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This article was from English into German:
Christian Rehm
Christian RehmSenior IT Consultant and Crypto Enthusiast always in search of interesting news.
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