Lack of policy further endangers India’s street kids

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Lack of regulation India is causing ...

India’s lack of regulation damages cryptocurrency market – Ripple
CONTENT

  • India hurts industry development due to lack of clear position on cryptocurrencies.

  • Virtual Currency Industry Could Solve 10 Year Old Problems in India.

  • The Indian government is seriously discussing the issue of a complete ban on cryptocurrencies.

International consortium of news organizations, developing transparency standards.

Lack of Clarity in Cryptocurrency Regulation in India Causes Irreparable Damage to Innovation, Ripple said.

Despite the Indian Court of Appeal overturning the cryptocurrency ban in March this year, the country is still hostile to the cryptocurrency market..

This opinion was expressed by the head of the South Asia and EBVA department at Ripple Navin Gupta.

In an interview with Forkast, Gupta said India’s stance on cryptocurrencies is still in a gray zone..

Lack of regulation India is causing ...

India, according to a top manager of Ripple, damages innovation by not supporting new technologies.

“India is underestimating its potential by not allowing new technologies to solve the problems of a decade ago,” Gupta said..

At the same time, the head of government and regulatory relations in the Asia-Pacific region and the Middle East at Ripple Sagar Sarbhai noted that the Indian authorities are seriously considering introducing a complete ban on cryptocurrency despite the recent relaxation.

The harm of uncertainty

According to Gupta, the Indian government needs to give a clear picture of who is the regulator of digital assets in India, be it the Securities and Exchange Board of India, the central bank or the Ministry of Finance..

“There are investors who come to India believing that there is no law to trade cryptocurrencies or digital assets..

Lack of regulation India is causing ...

We must give these investors a clear understanding of what can and cannot be done, ”Gupta added..

The uncertainty of the cryptocurrency market in India continues since the end of last year.

Despite the fact that the Reserve Bank of India lifted the ban on financial institutions from providing services to individuals and companies associated with cryptocurrencies, many financial institutions still adhere to anti-cryptocurrency policies.

Indian banks are still freezing and closing bank accounts of clients caught in the circulation of cryptocurrencies, and in some cases even rejecting international transfers and debit card payments of users involved in cryptocurrency activities.

New crypto boom

India plays a special role for cryptocurrency market providers as full industry endorsement could spark a new boom in digital assets.

According to p2p Bitcoin trading platform Paxful, the main triggers for the growth of the cryptocurrency industry in India are large enterprises and departmental institutions, which have come under attack from local authorities..

What do you think? Will the regulation of the cryptocurrency market in India help develop? Share with us with our thoughts in the comments and join the discussion in our Telegram channel.

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Lack of regulation India is causing ...

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