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Three Different Countries, One View on Crypto Regulation

Crypto regulation will be a global process. Different countries have different interpretations.

Central Banks across the world are usually wary of experimentation with digital assets. They have a negative stance on crypto proliferation.

That’s why they recommend lawmakers to not play with fire when it comes to crypto regulations.

Similar events have been witnessed in the past couple of days across 3 different in 3 different continents, but a single perspective on crypto.

India

Finance Ministry Secretary TV Somanathan said that Government’s policy on blockchain is independent of its policy towards crypto.

“Government’s policy towards blockchain has nothing to do with policy towards crypto assets or virtual digital assets. There need not be any apprehension whatsoever regarding use of blockchain in an area which has nothing to do with payments or currencies,” Somanathan said at Union Finance Minister’s Post-Budget Stakeholder Interaction with Industry. 

He hailed blockchain as an important technology and revealed that the Reserve Bank of India’s (RBI) digital currency will be based on blockchain technology.

This shows that the Finance Ministry sees crypto as something undesirable. Its underlying technology is what they are after. Nonetheless, the Government has recognized the industry through its new tax regime.

Russia

Russia’s Finance Ministry on Monday said that it would take proposals on cryptocurrencies from the country’s central bank as long as they do not go against their views.

The Central Bank had proposed a ban on cryptocurrencies whereas the lawmakers took a soft-line view of crypto.

The Finance Ministry’s draft legislation aims to create a legal market for digital currencies, it said on Monday.

Peru

Recently, the President of the Central Bank of Peru, Mr. Julio Velarde stated that cryptocurrencies are “highly volatile financial assets.” According to him, the volatility of crypto excites the investors as they look to increase the value of their holdings.

He even said that these assets lack intrinsic value and due to this “people may lose interest in having it, and then the price can drop to anything.”

Peruvian Government has also aimed at regulating cryptocurrencies when it introduced a draft bill in December 2021.

Well, these countries have different situations, populations, and geographical locations. But they have a willingness towards crypto regulation even when they have different kinds of economies. Crypto is a trillion-dollar market that could prove to be highly lucrative.

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