New Delhi: The Union government is awaiting an internationally acceptable solution to track and curb clandestine so-called wallet-to-wallet transfers of cryptocurrency before banning them in India, with both the finance ministry and the Reserve Bank of India (RBI) agreeing on their destabilising impact on the country’s financial stability, two officials aware of the matter said. Currently, cryptocurrencies are unregulated in India.
India’s cryptocurrency legislation is a work in progress, but the government is waiting for the Financial Stability Board (FSB) to frame cross-border regulation for cryptocurrencies, the two added, requesting anonymity. A FSB report on the subject is expected in October.
The recent cryptocurrency crash has made more people aware of the risks in dealing with them. Governments, including the Indian one, have also reiterated the exclusive right of the sovereign to issue currency, and also pointed to the use of cryptocurrency in the drug trade, terror...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...