The government of India to strengthen the encryption currency payment review

The government of India to strengthen the encryption currency payment review

India, a senior Treasury official said the illegal status encryption currency paid government is determined step by step.

December 2017 news reports, India law enforcement agencies in the investigation of money laundering, and digital currency market fraud and tax evasion. Now the domestic Department confirmed also for the near future encrypted currency trading regulatory provision is drafted.

In an interview with CNBCTV18, India’s Ministry of Economic Affairs (IndianEconomicAffairs) secretary S.C.Garg said that the government is the Preparatory Committee, the drafting of encryption currency report is expected to publish the end of the fiscal year.

“The government will step by step to establish its illegal payment system status”.

The officials continued to suggest future regulatory direction is monetary assets transaction and encryption encryption.

Garg said the leadership committee:

“We hope that in the fiscal year the committee may ultimately determine its recommendations, of course, regulators will participate in”.

The government announced in the budget, India’s finance minister ArunJaitley told parliament that the government will be on the illegal transactions using encryption currency zero tolerance policy.

Interestingly, Jaitley’s speech caused agitation in misunderstanding he will India bitcoin community, that the government is trying to ban encryption currency. His speech on television, bitcoin prices fell, but quickly rebounded.

The money is used for encryption of terrorism and smuggling has over the years is the topic, and the market itself may have been there for a long time. But there is no clear evidence of the connection of the two, in addition to the use of bitcoin as drugs and arms trading main payment tool of the Silk Road scandal. In spite of the fact that, but must pay attention to the encryption currency, including bitcoin, have found some legitimate purposes.

It is clear that India does not want to accept the encryption currency is another means of payment, but as a new asset class to be regulated. This has happened in the past, such as the United States government. After all, legal tender allow encryption currency payment will allow people to completely avoid the national issue.

Although bitcoin white paper showed that the purpose of it is to replace cash. But each country seems to be only willing to use it as a digital value, similar to gold. Precious metals do not become legal tender.

Encryption monetary exchange of India’s most popular one of the Zebpay released a blog about the incident, said the results are very positive, the exchange will actively comply with the blockchain and encryption currency Committee (BlockchainandCryptocurrencyCommittee) any regulations formulated.