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India Supreme Court Advocate Offers Crypto Regulation Ideas

India Supreme Court Advocate Offers Crypto Regulation Ideas

NS Nappinai, CIO of Economic Times, cyber law expert and Indian supreme court advocate, has offered the nation some ideas for cryptocurrency regulation in India, as reported by Bitcoin.com.

According to her, if done correctly, a crypto regulatory framework would go a long way towards enhancing openness in the government and industry, but warned against a “one size fits all” approach that would become a hindrance to the industry:

“Regulation would ensure transparency, oversight and accountability. The onus or burden on the government may be shifted to exchanges or other platforms offering virtual currencies or trading thereon.”

Nappinai suggested that the regulations use specific terms for the functioning of exchanges to regulate all the different types of digital assets that can be traded, their reporting methods, and restrictions, while incorporating investor protection provisions. Referencing a recent rumor about the ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’,She even questioned the legality of banning cryptocurrency:

“There is also debate on whether cryptocurrency can be banned at all. After all how would the government enforce it without infringing on the privacy of all. Any form of electronic device may be used to store cryptocurrency.”

Her comments come during a time when the Reserve Bank of India (RBI), the central bank, has excluded crypto enterprises from participating in its new national regulatory sandbox, despite pressure from the fintech industry and other communities to do otherwise. RBI had, in January, also withheld from a previous plan to use a central bank digital currency.

 

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Indian Bank Closes Influencer’s Account for Making Crypto-Related Transactions

Indian

Indian online bank Digibank has closed down accounts of several people suspected of crypto trading, including that of popular local crypto influencer Indian CryptoGirl, who Tweeted the news.

After India’s Kotak Mahindra Bank, Digibank also starts sending anticrypto notices

“We observed transactions for in cryptocurrencies, hence we are putting a credit freeze in your account. You will not be able to deposit any more funds & within 30 days we will close your account” pic.twitter.com/6eemcOayP5

— Indian CryptoGirl (@DesiCryptoHodlr) January 15, 2019

The crypto owner had Tweeted in the past about messages received from banks to local Indians, warning them that central bank (Reserve Bank of India) rules would lead to banks shutting down accounts suspected of crypto trading.

She made her position clear: “I’ve been a user of DBS’ Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter followers regarding an account closure notice by digibank. I checked my mailbox and found the mail myself.”

In reply to a question, she further said, “Banks have interpreted RBI’s guidelines as per their own convenience. This, however, is tantamount to taking the law in your own hands. RBI has only prohibited banks from working with businesses offering cryptocurrency solutions and NOT individuals from trading cryptocurrencies between them.”

India has been facing a lot of controversy since last year regarding cryptocurrencies. RBI has banned banks from dealing with crypto related transactions. It has even stopped development of its own centrally-backed cryptocurrency.

The issue has been taken up by the local blockchain and crypto association, with the case running in the supreme court. RBI’s stance is that cryptocurrencies provide an easy means of laundering money and helps tax evasion. The industry leaders, however, claim that cryptocurrencies are designed to be censorship resistant and the ban would only lead to a thriving underground marketplace – exactly what the government wants to eliminate.

 

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