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Asia seems to be quite conflicted when it comes to cryptocurrency markets, with some countries, like China, openly banning the initial supply of coins (ICO), while South Korea seems to do everything to encourage innovation. For example, the country recently committed $ 100 million in the development of Seoul as a potential center for blockchain technology. However, a country that seems not to be sure of how it intends to regulate cryptocurrency is India, the second most populous country in the world, and the sixth largest economy in the world.
About The Panel
A group of finance ministers was established more than a year ago, in November 2017, to discuss the issue, and it seems that they have finally made decisions. Of course, in April 2018, the global cryptocurrency community felt as if India had stifled any kind of innovation related to cryptocurrency as requested by the Reserve Bank of India credit institutions of any company related to cryptocurrency to terminate their relations in April 2018.
The panel was created to draft regulations for virtual currencies in the Indian subcontinent. It is also driven by Subash Chandra Garg, the Minister of Economic Affairs for India. The government issued an official statement on the panel indicating that a clear regulatory framework would soon be drawn up: "Next the next BMI meeting will be held so that we can discuss the draft report and draft bill. that the draft report will be placed before the IMC within the next month. "
Unknown content
The report was presented – though nobody knows the real content of the report. One of the most well-known supporters of the region's cryptocurrency is Nischal Shetty, the CEO of the Watroxx cryptocurrency. He did not seem too enthusiastic about the prospect of a clear regulatory framework, stating: "Several times we have already heard such things in previous news, and until we see the report, I would not advise anyone to jump to conclusions."
There is a reason for those to be skeptical. The entire global community of cryptocurrencies was surprised when the Indian authorities founders arrested of a cryptocurrency initiation, Unocoin, compared to non-functioning ATMs, which many considered an excessive move.
Furthermore, if India were to decide to ban cryptocurrency, they might not be successful either. There are reports that the ban on cryptocurrency in China is be bypassed. This is not entirely surprising, considering that VPN technology could definitely help – and I helped – Investors really engage in cryptocurrency markets, even if they live in a country where cryptocurrency is banned.
