India has
refused to comment on its progress with cryptocurrency regulation, only
appearing to confirm that official plans were “in progress.”
Reports by
local news outlet Economic Times quote Reserve Bank of India Deputy Governor NS
Vishwanathan as making comments to the press at an event in Calcutta today.
“I can’t
comment on a policy that is still in the making,” he said.
Draft
proposals of a recommendations on how to regulate cryptocurrency in India
surfaced in August. These were the result of a government panel specifically
tasked with researching the issue in April.
Cryptocurrency
investment and trading have ballooned in the country ever since Prime Minister
Narendra Modi’s highly contentious cash reforms began in November 2016.
Dash Core
CEO Ryan Taylor said earlier this week:
“Measures of economic freedom are strongly correlated with economic success throughout the world. In India, a great deal of friction was introduced with the immediate banning of the vast majority of the country’s circulating currency. In contrast, digital currencies are freely transferred person-to-person anywhere in the world instantly. This can have a dramatic positive impact on an economy suffering from onerous financial restrictions like India.”
Indians
have overwhelmingly used cash as the basic means of exchange, and aggressive
government plans to make payments digital and link transactions to participants
biometrically have received considerable criticism.
Taylor
added:
“I doubt digital currency will overtake the rupee anytime soon, but dysfunction certainly creates the right environment to motivate consumers and businesses to seek an alternative like digital currency to address their needs.”
Source : Cointekegraph
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