The buzz around the new crypto regulatory framework has been ongoing in India for some time now. While the Parliament is unlikely to discuss the bill this month, one of the largest private lenders in India, ICICI Bank recently issued a statement asking its customers to not use foreign payment solutions to invest in digital assets.
This marks another step of the bank in its crackdown towards crypto trading. The updated remittance application of the bank includes a new declaration that remittance should not be used by customers to invest in virtual assets or purchase them.
Due to the recent developments, those who want to transfer funds out of the country now need to sign the declaration. The new declaration presented to Indians now also prevents residents from using the money that came from crypto investments for sending overseas.
Recently, the central bank of the country announced that the lenders were not able to deny services to crypto exchanges and traders according to the crypto trading ban, which was enacted in April 2018. However, many of the lenders in the country have suspended net banking services for those using cryptocurrency transactions.
Indian crypto trading laws
The regulatory uncertainty of the crypto trading market has been discussed for some time in India. However, uncertainty is expected to continue for some time in the future as well. It was reported recently that the much anticipated crypto trading bill in the country is not likely to be discussed by the Parliament in its coming session starting the following week.
The crypto bill is not listed as one of the topics that could be up for discussion during the Parliament “Monsoon” session. The main reason for this is that the government of the country still has not found a way to approach the digital currency market.
At the beginning of July, the Finance Minister of India, Nirmala Sitharaman talked about the crypto market in the country, indicating that the authorities still needed to approve the bill before it could be taken forward to the Parliament.
There might be several reasons behind the cabinet’s not-yet-facilitated approval. The first reason is that the cabinet simply did not have enough time to review the bill, while the second reason might be the fact that the bill was sent back to the Ministry of Finance for revision.
Some experts in the local crypto trading market claim that the government of the country and the Reserve Bank might have different views on how to approach the crypto and crypto trading market. A few months back, it was reported that the government was thinking of creating a new panel to study crypto regulations and the possibilities that the country had.
Some of the government members believe that the views of the former Finance Secretary were outdated and the market needs a new look and view that might be used to regulate the market rather than ban it.
Importance of regulations
Interest in the crypto trading market among Indian investors has been increasing for some time now. The younger tech-savvy generation of the country is very interested in the crypto trading market, and the development of a well-thought-out regulatory framework is very important for the country.
However, the authorities tend to be avoiding further discussions of crypto trading on a legal level. Whatever the reason is, this is affecting the local market a lot. A well-developed crypto regulation tailored to the protection of Indian traders is what the country needs right now.
While the crypto trading market is becoming more and more popular around the world, many of the local investors are staying left out of the developments around the world.
Trading bots & increasing popularity
There are numerous opportunities that the crypto trading market offers to investors, experienced and beginner traders alike. The rise of crypto trading bots has made the market even more accessible around the world.
Tools like Bitsgap trading bot and similar are a profitable opportunity for traders globally to invest in the market and generate higher profits. The crypto trading bot created by Bitsgap is known for its high level of security and safety.
Bitsgap trading bot offers traders the ability to make crypto trading a lot easier. With this trading bot, investors can analyze the ongoing events in the market in a matter of minutes, making trading cryptocurrencies a lot easier. But there is much more that this trading bot has to offer. Bitsgap is also capable of opening and closing positions on its own, without the intervention of traders. This makes it a very comfortable trading bot to use.
It uses very high standards of safety and security when it comes to investing in the crypto trading market. This includes two-factor verification and complex password support. The company also works very hard to ensure the privacy of traders.
Traders are the ones who get to decide all the settings for their API keys, which ensures using the Bitsgap platform to its full potential. In addition, the API keys are always hidden in an encrypted format.
As the market continues to grow around the world to new heights, Indian authorities are still having a hard time finding a way to regulate the market. Although the recent steps taken by the government seemed to be positive, it is still very hard to say what the authorities are aiming to do.