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US Treasury Secretary Shares Trumps Concerns On Crypto

Stefan by Stefan
24/07/2018
in Regulation
Reading Time: 1 min read
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Indian Crypto Exchange, representatives, tax, rules
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As of recently, India’s central bank has called for regulation of the domestic cryptocurrency sector. It all occurred during Friday’s hearing at the Supreme Court which was weeks after enforcing a banking ban against the crypto companies in the country.

In April this year, the Reserve Bank of India (RBI) issued a circular that banned all financial institutions from offering services in the cryptocurrency sector. The policy also urged banks to stop customers from purchasing cryptocurrencies using fiat funds in their banking accounts.

A public interest litigation (PIL) which was filed in India’s Supreme Court called for regulation of the cryptocurrency sector made the central bank absolve itself of any responsibility in framing a policy.

Last week, the Supreme Court in India finalized a September date as the final hearing against the central bank banking ban. The lawyer who is representing the central bank also underlined the need for this issue to be properly solved – and for the crypto sector to be properly regulated.

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RBI’s special counsel, Shyam Divan, said that it was necessary to regulate Bitcoin and other cryptocurrencies in order to prevent “illegal transactions” in the country, as Financial Express reported. 

Currently, rumors say that Indian authorities look towards classifying cryptocurrencies as commodities. This would be a move that would see the cryptocurrency trading markets regulated in a similar way like the traditional mainstream financial markets.

 

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: cryptofeaturedIndiaIndianPolicyregulationreserve banksector
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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