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India might delay its cryptocurrency regulations by the end of 2018

 

Narendra Modi government and the Reserve Bank of India (RBI) have shown an inclination towards Blockchain adoption, but both remain unconvinced towards cryptocurrencies. The finance ministry panel led by Subhash Chandra Garg, secretary in the department of economic affairs was expected to submit a proposal by July. According to a senior government official who requests anonymity:

The panel’s key issue if to work out a regulation that can enable the use of blockchain independently. The blockchain is a digitized and decentralized public ledger for all cryptocurrency transactions. It can be adapted as a bookkeeping platform that is owned by nobody but can be accessed by anybody on the internet if the financial application is removed. The official further explained:

Can Blockchain be incorporated without Cryptocurrencies

“In fact, we had one meeting specifically on this topic. A public blockchain needs to have a token and you can’t have it by excluding cryptocurrencies. Moreover, a public blockchain is analogues to the internet and no one can control it.”

“If a common man is involved in a blockchain that can be used to mine or validate a particular transaction then it takes resources. The investors are then incentivised by paying in cryptocurrencies, so if these digital coins are removed from the equation then it doesn’t make sense.” 

Another panel led by Garg was appointed in December 2017, which suggests treating cryptocurrencies as a commodity, instead of banning them outright, A government official stated in an interview with Quartz last month.

Earlier this year, RBI strictly prohibited  Cryptocurrency exchanges pushing the idea of involving them to a corner. Several exchanges have challenged the RBI decision to ask banks to wind up all business relationship with them and investors in supreme court. The hearing for the same has been set for Sept. 11.

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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