CNN India: No ban on crypto, regulation

After the news that every one other cryptocurrencies shall be banned in India, with the exception of only a few cryptocurrencies, CNN’s India arm reported that cryptocurrencies is not going to be banned, however will be regulated, bringing up executive resources. “Cryptocurrencies will not be banned. A regulatory mechanism shall be applied to forestall abuse.”

#Breaking | #Unique | Best Executive Assets on Cryptocurrency Legislation: There’s no ban on #Crypto. A regulation mechanism can be in place so that it isn’t misused. #CryptoNews

(Exclusive Input: @manojkumargupta)@maryashakil shares more details with @JamwalNews18 pic.twitter.com/s8LzFXjNgo

— News18 (@CNNnews18) November 24, 2021

According To the news, the federal government plans to arrange a complete KYC/AML mechanism on fiat cash channels for transactions related to crypto cash. With this, it is aimed to forestall the use of cryptocurrencies in illegal or national pursuits. Shekhar said, “There has been a very sure reaction from the federal government. We spoke with the parliament’s finance committee about two weeks in the past.” he stated. According To Zebpay CEO, the government is calling for strict regulation in place of a complete ban.

Bloomberg additionally wrote that the government doesn’t have an entire ban plan, but would possibly limit get admission to to exchanges to accredited traders.

Crypto in India The Primary information that the cash shall be banned has created worry among Indian investors. With the panic promoting, the fee of Bitcoin diverged by way of THREE-FOUR % from the average marketplace value.