India Needs Time to Regulate Cryptocurrencies

In India, one of the ministers elected by the government yesterday, Pon Radhakrishnan, announced that they were looking for the most efficient solution for the regulation of cryptocurrencies and indirectly stated that this might not happen immediately.

Although the regulation of the laws, testing the compliance of the laws by the authorities, and finally ensuring that the people comply with these rules are the most important factors that make them need a certain period of time, a large part of the 1.2 billion population does not use crypto money and there is very little internet access. Waiting for months to take legal decisions in India, where even the number of those who know the name of the money is limited to millions, leads to evaluations as “unnecessarily extended decisions”.

The Indian government has reacted

India’s government Do not take into account the involvement of cryptocurrencies and the statements made by the Constitutional Court. After the Constitutional Court ignored the effect of the Constitutional Court, the government, which faced a great reaction from crypto money owners, prevented crypto money exchanges from opening accounts in banks after these steps and was legally ahead of them due to the tax that would be added to the opening of individual accounts. Many Indians stated that after this step, cryptocurrencies were banned semi-officially in the country.

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