Following the many happenings around crypto regulation in India, the Indian government is again in our blockchain news for announcing to approach crypto regulation with caution according to the Minister of State in the Ministry of Finance and Ministry of Shipping.
The government is really looking forward to form a path for formalizing the domestic cryptocurrency economy.
While addressing the lower house of parliament, Lok Sabha explained:
‘’In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.’’
India is one of the countries that has enforced a ban on all the banks that offer cryptocurrency services. The government enacted in July and the Reserve Bank of India’s decision has led to the exit of multiple local businesses.
In the meantime, nor the central bank nor the government has really been impacted by the consumer backlash according to a governmental panel source which suggested that making cryptocurrency partially illegal is still in game.
For now, it is still legal to own cryptocurrencies in India but some have stated that as of October, owning cryptocurerncies will be illegal.
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.
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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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