India is one of the countries that are constantly into are blockchain news for its hard stance towards cryptocurrencies. The government of India believes there are high risks associated with cryptocurrencies such as money laundering and terrorism. Now, high-ranking officials are working hard on drafting a new regulatory framework but new concerns emerge and this time regarding the national rupee.
The group of officials who are working on drafting a cryptocurrency regulatory framework is being led by the economic affairs secretary at the ministry of Finance Subhash Chandra Garg. People on the inside claim that the panel is worried about the price of the national currency if cryptocurrencies become a method of payment.
An anonymous representative said:
‘’If bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilizing the fiat currency is a major concern for them (the Garg panel).The overall impact on the financial ecosystem that it is likely to have is still unclear and it has been a challenge to convince them on this particular point.’’
It’s not untrue that implementing cryptocurrency will affect the national currency but according to the founder of the crypto exchange Koinex, there will be a ‘’considerable time before that concern even comes up.’’
Koinex CEO thinks that is too early to worry about the impact on the national currency since globally only a tiny portion of payments are made by using digital currencies and that will continue to go on until blockchain becomes the next MasterCard.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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