Sunday, December 3, 2023

Cryptocurrency regulation in India: Time for India to launch its own cryptocurrency?

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The waves of change are favouring a shift towards a digital mode of payment. Cryptocurrency is now no longer a alien concept to Indians and the world at large. By definition, Cryptocurrency refers to a collection of binary data, which is designed to work as a medium of exchange. It is a digital or vitual currency that is secured by cryptography. Some popular cryptocurrencies include Bitcoin, Ethereum and Tether among many others.

Even though cryptocurrency is beyond the purview of legal regulation in India, the government of the day has taken note of what lies ahead of us. So much so that the Centre is likely to table a bill in the upcoming Winter session. Prime Minister Narendra Modi on Saturday also chaired a key meeting with experts and other key stakeholders on the evolving technology, its regulation, the way forward and related issues.

According to reports, Government strongly feels that attempts to mislead the youth through over-promising and non transparent advertising have to be stopped. It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing. Meanwhile, there was consensus also that the steps taken in this field by the Government will be progressive and forward-looking. It was felt that it would also require global partnerships and collective strategies. 

Parliamentary Standing Committee on Finance will also be holding a meeting with industry experts on the subject “CryptoFinance: Opportunities and Challenges” at 3 pm today. However, to take a lead in the new space, it is pertinent that India not only takes proactive steps but also launch its own cryptocurrency. This is the time that Indian players step forward to make optimal use of opportunity.

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