India has long been a nation that has taken a hardline stance towards cryptocurrencies. The risks associated with digital currencies such as money laundering and terrorism funding have long fueled the Indian government’s approach to dealing with digital assets. A panel of high-ranking officials tasked with the job of drafting new cryptocurrency regulatory framework for India is now concerned with its impact on the Rupee.
In terms of cryptocurrency adoption in India, it seems the government is constantly looking for ways to downplay cryptocurrency’s role in the future of money instead of embracing it and integrating it into Indian society.
Will Crypto Payments in India Affect the Rupee?
The committee who are tasked with drafting cryptocurrency regulations in India is led by leading bureaucrat and economic affairs secretary in the ministry of finance Subhash Chandra Garg. The committee was initially set up in 2017 with Garg at the helm and is now closer than ever before to finally releasing its crypto regulatory framework.
Insiders are claiming that the panel is extremely concerned that by allowing cryptocurrency payments, it could dramatically affect the price of their national currency, the rupee.
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