RATE Group | State Bank of India’s Chairman: We Need Cryptocurrency Regulation
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State Bank of India’s Chairman: We Need Cryptocurrency Regulation

30 Oct State Bank of India’s Chairman: We Need Cryptocurrency Regulation

Posted at 00:14h in Cryptocurrency News by

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India cryptocurrency regulation

The State Bank of India has announced the need to regulate the country’s cryptocurrency market. Rajnish Kumar, State Bank of India’s chairman claims that crypto regulation will help tackle the illegal use of cryptocurrency in the country.

The government of India affirmed the progress of a new legislation earlier this year that would completely ban digital currencies. The establishment set sanctions in place for individuals who would violate the new guidelines. An estimated fine of $3.6 million and a prison term of up to 10 years would be imposed on anyone violating the new bill. The residents of India were notified to get rid of all digital assets and cryptocurrencies within 90 days. The bill will become effective in January 2020.

Rajnish Kumar asserts that as the world is progressing towards digitalization, a regulated digital currency would be better than an unregulated one, supporting the claim that the Indian government should not ban digital assets.

The former finance…

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