Foreign media: The Indian government will seek strict regulation instead of banning cryptocurrencies - Aliens: AI Crypto News & Markets Updates

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Foreign media: The Indian government will seek strict regulation instead of banning cryptocurrencies

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Aliens

Thu, Nov 25, 2021

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According to reports earlier this week, a bill recently submitted by the Indian Parliament mentions seeking to ban all private cryptocurrencies in India, allowing only certain exceptions to promote cryptocurrencies' underlying technology and uses. However, local media in India have now confirmed with government sources that the government's intentions are different.

According to CNN's Indian subsidiary, the government intends to regulate cryptocurrency, focusing on its underground economy and terrorist financing. However, there is currently no large-scale ban. For this reason, the government plans not to treat cryptocurrency as tender and to set up a comprehensive KYC/AML mechanism at various domestic fiat gateways. A CNN source said: "A strict mechanism will be in place so that law enforcement agencies can trace the origin of cryptocurrency used for illegal or anti-national work." In an interview with CNBC's financial channel Squawk Box Asia, crypto transactions Zebpay's co-CEO, Avinash Shekhar, also stated that their initial discussions with the government created "positive vibes": "There has been lots of positive vibes from the government. We met the finance committee of Parliament around two weeks back. The message or the feelers which we are getting from the government is that they're looking for some kind of regulation — strict regulation, but not a complete ban."

Source: Blockworks

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