head of the Reserve Bank of India Shaktikanta Dashas once again “raised” the inclusion of cryptocurrencies in the financial system. Considering the increasing interest in crypto assets in India and the size of the market, news from India is important for the crypto world.
Das thinks that cryptocurrencies could pose “very serious” problems for the country’s macro economy and financial stability. The President has made such statements before.
India is one of the countries that have adapted to the crypto market the fastest and made billions of dollars. Although the legal status of crypto assets in the country is still unclear, Indian citizens are not shy about investing in digital assets. Serving in the area CoinDCX and CoinSwitch kuber companies such as the “unicorn” have even reached the status. Thanks to the interest in the country, many crypto companies and exchanges have made huge gains in the current bull market.
Although the news that the Indian government will issue regulations on crypto assets has been mentioned many times before, there has been no official statement on this subject. On the other hand, such news took a turn after the government implied that it would regulate cryptoassets as a “commodity”.
India’s finance minister, Nirmala Sitharaman, hinted during the monsoon parliamentary session that the crypto bill is ready to be discussed in parliament. However, the issue could not be discussed due to the limited time during the COVID-19 pandemic.
According to new reports, the government will meet on November 15 to discuss this issue, and the government’s plans to regulate the emerging market will become more clear.
Although it is a little surprising that these statements came at a time when the bull market dominated the crypto markets, it seems that they did not affect the crypto markets at all. With the effect of the president’s making such statements before, it seems that people no longer have a serious “fear”.