The necessity to control cryptocurrencies is loud and strong
CBW -External Analyst
Jan, 25 2021
A regulatory system must be in place earlier we can talk about the matter of taxing crypto trades. In March 2020, in an overbearing judgement, the Supreme Court set away a circular of the Reserve Bank of India (RBI) that banned regulated things from giving any service associated with the acquisition and sale of virtual currencies.
Even though the SC reaffirmed RBI’s power to regulate such currencies, it thought any limit or regulation must be worked out with proportionality and charge, supported by adequate empirical suggestions. This set the phase for the regulation of cryptocurrency. Somewhat than smother innovation, regulation must adopt the development of this sector for it to fulfil its likely financial presence.
It can aid international transfers and decrease transaction costs in payment services, all of which were known by the Financial Action Task Force (FATF) as far back as 2014, even though warning of the risks of terror finances and money laundering.
Whether any service, product or activity qualities, regulation and supervision depending on the risk of possible market failures or externalities that could expose financial stability. In addition, asymmetries of data and negotiation power could generate the necessity to protect consumers and investors from misuse. Assistance between sectoral and jurisdictional regulators will avoid regulatory arbitrage.
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The fourth quarter of 2020 is fixed to record the durable flows to EM assets, ever later the first quarter of 2013.
Cryptocurrencies present a collection of risks, some of them exclusive to such assets. Maximum crypto-assets are not supported by tangible assets or other securities and may have no clear intrinsic value. It declines price detection and heightens the risk of market operation.
CBW - External Analyst