A Right to Information (RTI) report has revealed that the Indian government is seeking outside legal help in order to finalize its long-awaited cryptocurrency regulations.
The Indian government is still under pressure over the cryptocurrency debate. As time moves on, it is becoming hard to see how the government will be able to hold back the inevitable tidal wave of some 2.5 million Bitcoin users with its current, rather tired, stance on liberalizing cryptocurrency use among the nation’s 1.3 billion population.
Following regular meetings of a government committee formed to examine what shape or form new legislation might take, it is expected that a comprehensive report will be submitted to the Ministry of Finance later this month. A law firm has also been engaged for their input by request of Secretary of Economic Affairs, Subhash Chandra Garg. The firm Nishith Desai Associates has now presented a proposal which will form part of the government’s final decision on cryptocurrency regulation.
Some details from the submitted suggestions from Nishith Desai have been published which indicate that self-regulation ahead of an outright ban is recommended, as stunting the growth of cryptocurrency use in India would not be a positive step for the nation. As the paper states:
“History has taught us that such technologies (blockchain) should be regulated and not banned since banning is likely to be counter-productive and may also suffer from legal infirmities.”
The paper went on to explain the different ways of licensing cryptocurrency-based businesses by categorizing assets into discretely separate elements, stating: “For the purpose of legal analysis, all crypto assets are not alike… Broadly, crypto assets can be considered to be of three types- payment tokens, security tokens, and utility tokens.”
The industry in India now awaits the outcome of the government’s next — hopefully, more decisive — decision, on how to regulate the space later this month, as originally indicated by The New Indian Express.
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