A governmental committee in India has suggested and is considering the legalization of cryptocurrencies in the country according to the latest crypto news coming from India.
A still unknown senior official who attended the panel’s meetings pointed out:
“There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”
The previous panel meetings in the government have already suggested a ban on cryptocurrencies in the country earlier in December and made clear that any kind of ‘’dealing in such currencies should be treated as illegal.’’
The government of India most recently set up this inter-ministerial committee led by Subhash Chandra Garg after the Reserve Bank of India decided to ban the banks which are dealing with crypto businesses.
Another committee has already recommended a total crypto ban back in March 2017 but the new one is trying to make a deal and solve the conflicting issues in the RBI ban. They have already held two meetings and another one is planned in January 2019.
In this committee, there are members of the Ministry of Electronics and Information Technology, Exchange Board of India, RBI and the revenue secretary.
The official also pointed out that the members of the committee have also gathered opinions from crypto exchanges and crypto experts. Also, since the beginning of December, G20 countries called for crypto taxation and regulation against money laundering. A few members of the new Indian governmental committee participated in the G20 meetings.
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Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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