India studying other countries crypto regulation framework

Reportedly officials of India are doing research and study on the existing regulatory framework of other crypto-friendly countries.

November 2021 was full of hurdles for the crypto community of India. For a while, the Indian crypto community assumed that India was going to ban Crypto but positive and better news confirmed that India is only planning to regulate. 

The actual matter of India to regulate crypto assets comes into existence when crypto bill 2021 of India comes into the light of the discussion in the winter Parliament session. 

Right now, crypto bill 2021 is still in the private domain at the table of Cabinet ministers. Reportedly, Cabinet note confirmed that the Indian crypto bill 2021 will have guidelines to regulate the crypto instead to impose a ban. 

Now current local media news claims that regulators in India are doing study and research on the framework of the foreign countries. 

The government is seeking to collect all possible information about how other countries that how they are regulating this crypto industry perfectly.

“The government wants to see how global standards on cryptocurrencies evolve in the European Union (EU) and other jurisdictions”, CNBC TV18 reported. 

Besides these things with crypto bill 2021, the Reserve Bank of India (RBI) is reaching out to Basel, Switzerland-headquartered Bank for International Settlement (BIS), to figure out the idea of the CBDCs adoption with a better framework under the policies. 

Recently, the founder of Binance owned popular Indian crypto exchange WazirX, Nischal Shetty, shared his stance on crypto adoption and said that crypto is just like the internet, and every country needed to work together to adopt it. 

When the Indian crypto community was in panic and selling their crypto assets blindly then in that situation Wazirx founder said that we are waiting for the crypto regulation for a long time, then why people are getting into a panic. This is a time of happiness. 

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