Rajeev Chandrasekhar, a Member of Parliament in India, has stated that there is no issue with cryptocurrency in India as long as laws and regulations are followed. He made the statement during a recent webinar on cryptocurrency regulations in India, where he emphasized the need for clear and transparent laws to govern the use of digital currencies.
Chandrasekhar acknowledged the growing interest in cryptocurrency among Indian investors and traders, but emphasized the need to ensure that the use of digital currencies is in compliance with existing laws and regulations. He stated that the government should take a proactive approach to regulating the cryptocurrency industry and ensure that it does not become a conduit for illegal activities such as money laundering and tax evasion.
He also highlighted the potential benefits of cryptocurrency for the Indian economy, particularly in terms of financial inclusion and the development of new technologies. He said that the use of digital currencies can help to increase access to financial services for unbanked and underbanked populations, and also drive innovation in areas such as blockchain and smart contracts.
The Indian government has been cautious about cryptocurrency, and has yet to announce a formal regulatory framework. The Reserve Bank of India (RBI) had banned banks from providing services to crypto-related businesses in 2018, but the ban was lifted by the Supreme Court in 2020. The government has set up a panel to study the use of digital currencies in the country and to recommend a regulatory framework.
In conclusion, Rajeev Chandrasekhar, a Member of Parliament in India, has stated that there is no issue with cryptocurrency in India as long as laws and regulations are followed. He acknowledged the growing interest in cryptocurrency among Indian investors and traders, but emphasized the need to ensure that the use of digital currencies is in compliance with existing laws and regulations. He also highlighted the potential benefits of cryptocurrency for the Indian economy, particularly in terms of financial inclusion and the development of new technologies. The Indian government has yet to announce a formal regulatory framework but they are working on it.
