Find the latest round-up crypto news to keep you in the know and make wise decisions.
BACC Faces PSC
The ongoing Parliamentary Standing Committee (PSC) queries on crypto executives seek to find a way to regulate both currencies while curbing financial irregularities. The Blockchain and Crypto Assets Council (BACC) agree that the government should impose the Anti-Money Laundering (AML) and Know Your Customer (KYC) norms for proper tracking and regulation. The council requested the parliamentary panel to introduce licensing for crypto exchanges and treat them as a compliment, not a replacement of sovereign currencies.
Drop In Crypto Sales
Today Cryptos traded in the red as the global market cap dropped 3.4%. However, the total crypto market made a 2.96% increase within the last 24 hours. Currently, Bitcoin retails at $58,600 and takes more than 40% of the crypto market.
Is Cryptocurrency Illegal in India?
The Indian government is in the process of introducing new crypto regulations on the crypto industry. While the ban may not be looking to ban crypto, it may place a blanket ban on exchange-to exchange transfers. Besides, the government may introduce its own crypto wallet that doesn’t mask the owner’s identity.
We’re yet to hear the final crypto verdict from the Parliamentary Standing Committee, but crypto committee seems to present a convincing premise. The outcomes of this sitting and the Indian parliament may cause a ripple effect on local and international crypto regulations.