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News: Reports indicate that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is to be introduced in this winter session of Parliament.
While it is unclear what the Bill will contain, if India goes the China route and bans cryptocurrencies, it would be unfortunate.
What is the way forward?
– The underlying blockchain technology can make our payment systems more efficient and should be encouraged.
– There should be a regulatory mechanism that mandates the maintenance of customer and transaction records.
– India can learn from the mistakes and best practices of countries like Dubai, Singapore, Switzerland and the United States which are struggling with legislation to regulate cryptocurrencies.
– Issues of money laundering and ransomware can always be dealt with by modifying existing statutes.
| Read more: Cryptocurrency in India: ban or regulation? – Explained, pointwise |
Source: This post is based on the article “Despite risks, there’s great potential in cryptocurrencies” published in The Indian Express on 11th Dec 2021.
