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Growing signs of India’s relationship with cryptocurrencies
Nov, 16 2021
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The Securities and Exchange Board of India (SEBI), India's securities regulator, has approved the first ETF, that invests in cryptocurrency companies like Coinbase, Bitfarms, and MicroStrategy. The CoinShares Global Blockchain ETF from Invesco gives exposure to companies involved in the cryptocurrency market.
According to local news
outlets, the Indian regulator has approved Invesco's CoinShares Global
Blockchain ETF Fund of Fund.
India is currently debating
how to regulate the cryptocurrency market. The ETF is the first of its kind to
receive regulatory approval.
Indian securities
regulator's approval of a crypto-related ETF is a positive sign for Indian crypto
investors. According to the most recent regulatory status, the government may
classify cryptocurrencies as commodities. The government is developing a
central bank digital currency (CBDC), with trials beginning as early as next
month. Despite the government's lack of a position, the country's youth have
been particularly enthusiastic about the crypto market, and investments have
remained strong.
Furthermore, the Ministry
of Finance, SEBI, and RBI are working together to regulate digital gold and crypto
assets. Digital gold may be classified as a security under the Sebi Act and
Securities Contracts Regulation Act. There is also a raise in concerns about
unchecked growth in such investments without the same investor protections as
regulated securities.
The Indian government
intends to address concerns of transparency, absurd claims, and high promises
made by some unregulated asset companies to entice investors.
According to Bloomberg,
Indian Prime Minister Narendra Modi chaired a review meeting on virtual money.
This week, India's parliamentary finance panel will meet with industry
professionals and organizations to discuss the obstacles and prospects in
crypto finance. These meetings are some of the evidence of India's growing
interest in cryptocurrency.
Even though cryptocurrencies were banned in 2018, the country's Supreme Court overturned the restriction earlier this year following pleas from the industry.
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Pavan A
CBW - External Analyst
INDIA
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