A step towards cryptocurrency regulations

Cryptocurrency has been the widest and the most popular terms in the recent years. Cryptocurrency aka digital  currency has been developed through the backbone of Blockchain technology provides safest transaction system because of the constant technological advancement of technology. This new age money has gained the attention of many techno enthusiasts. However, a number of crypto-holders are still unsure about cryptocurrencies because of its volatile nature. 


Recently, Japan’s two primary cryptocurrency industry groups are integrating with a new self-regulatory entity. It will enforce self-imposed rules surrounding to protect the users assets. This regulatory body provides a high-end transparency that fosters the confidence of the public and the financial industry in the crypto space, thereby safeguarding a securing their transactions. The Cryptocurrency Exchanges have accepted the regulatory frameworks imposed by the government of Japan.
Internationally, cryptocurrencies are regulated as commodities by several central banks and other regulators.
WIth a similar view, India, is also putting efforts to regulate its financial markets. Currently, in India trading in cryptocurrency is still unregulated and  the Tax department of the country has identified a  total of 11 digital exchanges. Since there have been a number of complaints regarding illegal usage of digital assets  and fraudulent, it is necessary to be controlled. So the government regulators are cautioned about the speculative crypto market. Taking lessons from other countries in Eastern Asia, India is trying its best to administer the trading activities in the crypto market and is working on to prepare a regulatory framework for the same. 

Comments

Post a Comment

Popular posts from this blog

Bitcoin Prices Surges Above $8000: Newsflash

Image
The market had witnessed the spike in the Bitcoin prices in the Thursday trading market. The prices have risen from $6,900 to $8,000 this is the new high experienced in April by the currency. Due to some unknown reason there during the time of publishing the prices for the currency suddenly hiked up by 15% gain all over the world in its value. That was done just in the span of 45 minutes. And at the time of the press, the prices still continued in hiking up the hill and then it reached its post which was $8,039.
Read more

250 Corporates are Enlisted for Int’l Trade and Finance Blockchain by an Indian Bank

Image
Biggest banking monster of India i.e. ICIC Bank has sent a list of more than 250 corporates to the Blockchain platform of the domestic and international trade of the financial transactions in the country, it was declared during a press release on April 17.   ICICI bank had started exploring Blockchain opportunities for their business since the year 2016. In 2016 the same year in the month of June that, the bank had created this position of Chief Technology and Digital Officer (CTDO) for that purpose. In August 2016 the bank had begun to implement these transactions in the international trade and finance of the country’s blockchain. The MD and CEO, of the bank, Chandra Kochhar said that the integration of the Blockchain technology in the country has the potential of streamlining the documentation of the trade by bringing in the trade of stakeholders and shareholders to a common platform: “I envision that the emerging technology of Blockchain holds an immense ...
Read more

Urged to the Indian Supreme Court to Rule on Cryptocurrencies

Image
The RBI has been issuing a lot of cautions against the cryptocurrency on their official website for the interest of the public of our country. The RBI has been cautioning the holders of the virtual currency and also those who are planning to hold it that there is a security risk in it as they are exposing themselves to it. Since 2013, the RBI of the country has been trying to make the people aware of the risk that the digital currency holds within itself. The sense of relief had been experienced by the investors as some guidelines have been issued stating that the government will be punishing the culprit harshly who will try to create a fraud or defy the law of the land in this matter openly.    An inter-disciplinary committee has been constituted by the Ministry of Finance of the country which will be examining the regulatory framework of the cryptocurrency in the country. The committee is consisting of a different official from the country of different depart...
Read more