Indian crypto regulation will be unique and distinct, Lawmaker claims

Indian crypto regulation will be distinct and unique according to Jayant Sinha, the chairman of the Indian parliamentary standing committee on finance. He further explained that the whole area of crypto is important so we have to balance stability and growth.

El Salvador bitcoin adoption is the first stroke of the storm and now citizens of every country are asking to legalize the crypto. Internet and Mobile Association of India’s Blockchain and Crypto Assets Council (BACC) conducted an event to discuss the Indian crypto regulation policy on Wednesday. Indian Ruling party BJP’s lawmaker was also invited to this event to discuss the crypto adoption policy.

Indian crypto regulation:

Jayant Sinha who is also the chairman of India’s Parliamentary Standing Committee on Finance explained his concerns that policies used in developed countries aren’t suitable for India because we do not have full capital account convertibility. He further said:

Our solution will have to be distinct and unique simply because of our unique circumstances. We have to balance stability and growth but we recognize how important this whole area of crypto is.

Like the US, Indian lawmaker has also shown his concerns about how digital assets can be used for terror financing. He further clarified that if Indian crypto regulation policies will be different from the countries like Japan, the US, and El Salvador who have recently adopted BTC. india has recently emerged in countries who are adopting crypto and got 2nd position at index list.

Indian crypto regulation
The list of 9 countries for global crypto adoption according to data provided by chainalysis

Previously there were rumors that the Indian government will ban digital assets like BTC and only Central bank digital currency will be issued by RBI. On Tuesday reports came out that India will treat crypto assets like commodities and use cases.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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