In an event organized by the Blockchain and Crypto assets Council (BACC) of Internet and Mobile Association of India (IAMAI), the chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha said that country’s bill will have a unique approach for crypto law.
He assured that nation’s crypto policies will not be along the lines of countries like El Salvador, the U.S., or Japan as there’s no full capital account convertibility in India. Full account convertibility enables the exchange of a country’s currency with foreign currency without any restrictions on the amount.
Sinha elaborated that considering the country’s different set of situations and challenges, the crypto policy will work in the given supervision:
Indian crypto policy will try to balance growth and stability in relation to the larger scenario.
The crypto regulation of India will be influenced by concerns of national security. The minister stressed the demand for strong surveillance against the misuse of cryptos and crypto assets for domestic security threats and terror financing.
On the same occasion, Rama Subramaniam, former Reserve Bank of India Governor said that once cryptos gain acceptance, the same regulations that control commodity exchanges could apply to them.
Gandhi said that cryptos must be managed as a commodity or asset in the country and controlled by existing regulations. He added that regulators should know about an individual’s crypto investments from a tax point of view and that this information should be shared with exchanges.
The government is on the edge of establishing laws for cryptos in the country and had earlier said that the main goal of the crypto bill would be to outline crypto depending on use cases.