There are different views in countries regarding the regulation of cryptocurrencies. Every country is considering cryptocurrency according to its interest. America is a country that is not ready to ban cryptocurrencies. This is because cryptocurrencies are expected to further strengthen the dollar in the global economy.
Ban or regulation on cryptocurrencies, there is still suspense on it
Amidst the steady decline in cryptocurrencies, the government wants to take a big decision on its regulation. Indian government cryptocurrency is already considering the options for regulation. The government also wants that there should be a yes or no on the regulation of crypto in the G20 meeting chaired by India. There are two types of options regarding crypto regulation. In one it is being said that crypto should be regulated. whereas reserve Bank It is suggested that cryptocurrencies should be banned. Whether crypto will be banned or regulated is yet to be decided by the government.
India is going to get the chairmanship of the G20 group from December 1, 2022. Earlier, the meeting of the G20 countries has started in Bali, Indonesia, which will run from November 14 to November 16. Prime Minister Narendra Modi is participating in this meeting to be held in Bali.
Discussion on crypto regulation continues
The decision on whether cryptocurrency will be banned or regulated in India will be based on consultations with different government agencies. Government departments are considering finding a meaningful solution to this issue. Recently, US Treasury Secretary Janet Yellen said that a joint initiative is needed to regulate cryptocurrencies. A report in ‘Times of India’ states that after Yellen’s talk, Indian agencies are considering a ‘best solution’ regarding cryptocurrency.
According to government officials, different views are going on in countries regarding the regulation of cryptocurrencies. Every country is considering cryptocurrency according to its interest. America is a country that is not ready to ban cryptocurrencies. This is because cryptocurrencies are expected to further strengthen the dollar in the global economy. That’s why Janet Yellen has argued that collective efforts will be needed to regulate cryptocurrencies.
Ban on crypto is not possible!
Many countries are taking such a belief that nothing will be achieved by banning cryptocurrency. This is being said because no fool-proof mechanism is possible to ban crypto. Many countries are assuming that there are some benefits from cryptocurrency and at present it is not easy to get rid of virtual currency completely. The Reserve Bank of India argues that cryptocurrency should be banned because there is no currency to support it. RBI has said that allowing cryptocurrency will make it more difficult to regulate.
English News Headline: indian government seeking to push for decision on regulating cryptocurrency in g20 meeting
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