Indian Economic Survey Expresses Worries Over Cryptocurrency Adoption
Indian Economic survey highlights crypto concerns.
The Indian annual economic survey has been published and crypto concerns have been extensively discussed.
The crypto industry was covered in this year's economic survey and findings from the survey which was covered in the Indian-based business standard suggest that there should be an emphasis on international collaboration to bring crypto into a globally recognized regulatory framework.
The term no intrinsic value was levied on cryptocurrencies given that the government's perception was that crypto could not be termed as financial assets.
the survey looked at how regulations were in other countries and made the case for a much harsher regime in India.
"Global standards need to be comprensive and consistent regulatory responses must be based on standard taxonomies reliable data to address contagion effects and flexible enough to be adjusted in the future based on market development and future international standards."
The business standard also expresses remarks from those within the cryptocurrency industry which were a reaction to the Economic survey.
According to Ashish Singhal co-founder of CoinSwitch was favorable to the Survey:
"While taking a cautionary approach to crypto the Chief Economic Adviser suggested that regulators could consider centralized intermediaries as systemic financial market infrastructures this is in contrast to alarmist calls to ban or simply wish away crypto as the survey puts it there is a need for a common approach to regulating the crypto ecosystem our hope is India too will move in this direction and not take any regressive measures on crypto'
Edul Patel CEO and Co-founder of Mudrex express:
"Effective regulation is crucial for fostering innovation and combating money laundering and fraud as cryptocurrecies are global india cannot regulate them alone and calling for global standards that can be adapted to future internaitonal standards is a progressive step"
Also, he added:
"With india holding the presidency of the G20 summit this year the topic of cryptocurrency is also being discussed amoung the member countries this provides india with the opportunity to set the tone for global regulation of cryptocurrencies."
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