There is no certified path for the regulation of blockchain technology because of a lack of authority. Many countries across the world have taken a step back from implementing the rules and regulations as there exists no one to take responsibility for the transactions made under this blockchain technology. However, India prepares to get regulation in the country to regulate the functioning of such blockchain technology. India plans to bring required modifications to introduce the new cryptocurrency bill for the Indian system.
A positive stance was taken by India to maintain a regulated path for cryptocurrency
India has been trying to get into the regulation of these digital assets for a long time now. The new bill which is expected to be introduced in the near future will bring on the path of many digital asset holders. The number of shareholders who are always interested in investing in cryptocurrency has been increasing and needs to be considered while taking any decision. The increasing number of cryptocurrency holders require a structured form of regulation rather than an official ban on the currency.
Policymakers to consider many other factors before coming to the conclusion
Formulating a policy that will govern the transactions of cryptocurrency will require many factors to be taken into consideration. The policymakers of India were given a load of instructions regarding the present scenario of cryptocurrencies in India. They have been given details about the taxations, pros and cons of the concept, and currency holders in the market who will be affected by the decision taken by the government.