In India, the situation is deteriorating, with national parties and leaders shining a bright light on Bitcoin.
On Saturday, when Opposition Leader Rahul Gandhi accused the governing party of covering up a massive “Bitcoin Scam,” the accused retaliated. Gandhi’s tweet, on the other hand, accomplished what years of conversations between the Finance Ministry, the Reserve Bank of India, a special committee, and the cryptocurrency sector were unable to. It eventually brought Prime Minister Modi to the negotiating table, although belatedly.
According to reports, India’s Prime Minister Narendra Modi presided over a pivotal meeting on the future of cryptocurrency. The conference was convened after consultation with experts from around the nation by the RBI, the Finance Ministry, and the Home Ministry.
To throw more light on the condition of cryptocurrency in India, the Blockchain and Crypto Assets Council (BACC) announced the appointment of Ashish Singhal, Founder and CEO of CoinSwitch Kuber, and Sumit Gupta, Co-Founder, and CEO of CoinDCX, as Co-Chairs. As a subsidiary of the Internet and Mobile Association of India [IAMAI], it advocates for cryptocurrency education and acceptance in India.
Meanwhile, on Monday, the Parliamentary Standing Committee on Finance will meet with numerous cryptocurrency players. Previously, it was rumored that the government may abandon its strong position on cryptocurrency and instead modify its attitude. Indeed, the administration may be considering a “middle route” in the near future. According to one report, “A more probable outcome is a medium road that balances the needs of all parties.”
While the central bank has remained hostile to the concept of cryptocurrency, an outright prohibition is pointless. Ministers raised the age-old problems of money laundering and terrorist funding during their conversation with the Prime Minister. What the experienced overlook is that even if India bans cryptocurrency out of fear, people engaged in unlawful operations will continue to utilize it.
There is a very valid fear that extending the consultation process may result in unnecessarily prolonged delays. Nonetheless, this dialogue has reintroduced cryptocurrency to the mainstream, with the same optimistic and forward-looking mindset. It implies that the problem is global in scope, across national boundaries. This is why “global collaborations and collective tactics” are necessary.
According to government sources, a “balanced” approach would need to be taken to accommodate crypto-investors and enterprises. Meanwhile, referring to cryptocurrency as a boogeyman would deter real investors, not scammers. The government’s role is to promote and safeguard this rising pool of genuine investors while also using technology to combat common criminality.
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