Guidelines on India’s Crypto currency Market

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Blog Introduction: The Financial Stability Board is prepping guidelines on how the legitimate figures of India’s cryptocurrency market will take shape, which will be ready in October. This report is hoped for to support the administration make a decision on whether to outlaw cryptocurrency trading through digital currency wallets and will deliver a legitimate structure.

Currently, digital currency trade in India is unregulated and many have called for it to be banned outright, which has kept investors away from the market. The deadline for the report is the end of this month and it come as the government panel set up to study the feasibility of cryptocurrencies in India is expected to soon submit its recommendations.

1) The FSB’s guidance isn’t regulatory and won’t be binding, but it could give some much-needed clarity on how potential new rules could affect global firms with a presence in India.

2) The guidance comes as the Indian government panel set up to study the feasibility of cryptocurrencies is expected to soon submit its recommendations.

3) Many have called for an outright ban on digital currency trade in India, due to the lack of regulation currently surrounding it.

What is the FSB?

The Financial Stability Board is an international body which monitors and makes recommendations about the global financial system. It was established in 2009 in the wake of the global financial crisis and is comprised of representatives from central banks and finance ministries from around the world.

What Is the Purpose of the FSB Report?

The purpose of the FSB report is to provide guidance to policymakers on how to deal with the cryptocurrency market. In particular, the report will focus on how to ensure that crypto currency trading does not pose a threat to financial stability.

Why Is This Report Important?

This report is important because it will help policymakers understand the risks posed by the crypto currency market and develop regulations accordingly. Additionally, this report will also help legitimize the crypto currency market by providing legitimacy to digital currency wallets.

The Financial Stability Board’s guidelines on how the legitimate figures of India’s cryptocurrency market will take shape will be ready in October. This report is hoped to support the administration make a decision on whether to outlaw cryptocurrency trading through digital currency wallets and will deliver a legitimate structure. These guidelines are important because they will help policymakers understand the risks posed by the cryptocurrency market and develop regulations accordingly. Additionally, this report will also help legitimize the cryptocurrency market by providing legitimacy to digital currency wallets.

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