No Ban, Government Regulating Cryptocurrency to Ensure It Doesn’t Play a Role in ‘Hawala’ and Terror Financing: Sources
Government Regulating Cryptocurrency: There has been a rippling effect since the government announced plans to introduce a measure regulating cryptocurrencies in the forthcoming Session of Parliament. According to CNN-sources News18’s in the security establishment, the rule will not be an absolute prohibition as the markets and experts anticipate the ramifications of the decision.
Cryptocurrency will be regulated to ensure that it is not abused.” The government is worried about cryptocurrency’s involvement in ‘hawala’ and terror financing, as well as other illegal activities “There was a consensus, they claimed. Because the country’s economy and taxation system are at risk, Bitcoin will not be accepted as legal cash. Law enforcement organizations would be able to track the origin of cryptocurrencies used for unlawful or anti-national purposes via a stringent process.” “They stated so,
Cryptocurrency marketplaces may become a source of money laundering and terrorist funding, according to official sources. As part of the prime minister’s meeting earlier this month, there was an agreement that government actions in this area would be ‘ahead thinking and progressive’. ‘ Afterwards, it was also discussed that “unregulated” crypto marketplaces can’t be used for money laundering and terrorism financing funding. According to the Lok Sabha website, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is one of 26 bills that will be introduced during the Winter Session, which begins on November 29.
Since then, the Indian parliament’s crypto commission, led by the BJP’s Jayant Sinha, has agreed that digital currency cannot be halted but must be regulated.
Bill aims to “prohibit any personal cryptocurrencies in India” but permits “some exceptions to encourage the technology platform and its usage.” In addition, it seeks to “establish a framework that is conducive to learning.” “When it comes to creating the RBI’s official digital currency
“Wrong hands and ruin our kids” must not fall into the hands of cryptocurrencies, Prime Minister Narendra Modi said last week “All democratic countries should unite in an effort to prevent this from happening in the future. A rigorous regulatory restriction on cryptocurrencies, rather than a complete prohibition, was recently suggested by the government and the Reserve Bank of India.