Cryptocurrency regulations ahead
According to reports coming from NS Nappinai, who is the CIO of the Economic Times as well as the cyber law expert and Indian supreme court advocate he is offering ideas on the potential regulation of cryptocurrencies in India.
Nappinai tells the Indian supreme court that she thinks that if regulations are set correctly, that the crypto regulation frameworks will be handy while proving both openness and enhancing governmental processes for governments and industries globally.
However, she warned about a one size fits all approach to these regulations that may cause a hindrance to the industry.
She mentioned that :
“Regulation would ensure transparency, oversight and accountability. The onus or burden on the government may be shifted to exchanges or other platforms offering virtual currencies or trading thereon.”
Some suggestions that were given include the need for the implementations of these regulations to have specific terms especially the terms that are linked to exchanges that will regulate all the different types of digital assets to be traded in markets globally, focus on reporting methods and restrictions.
According to the report on the ‘banning of cryptocurrencies and regulations of Official Digital Currencies of 2019‘, She also mentioned the need for providing investors with protection.
In this report Nappinai reported that:
“There is also a debate on whether cryptocurrency can be banned at all, After all how would the government enforce it without infringing on the privacy of all, any form of electronic device may be used to store cryptocurrency.”
The Reserve Bank of India has already excluded cryptocurrencies from its enterprise operations and this has brought with it a national regulatory framework including reference to the fintech industries and other communities developing with this technology space.
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