India studies the use of crypto tokens in its financial system
The country has categorically denied the use of cryptocurrencies in any of the territory's transactions, especially in payment systems
The restrictions in India regarding the incorporation of cryptocurrencies in its financial system are maintained. However, the authorities of the Asian country study to allow the use of cryptographic tokens, as announced by the media this Friday, August 10.
The security of transactions is one of the fundamental aspects that the government of India argues to definitively refuse to use digital currency in the local economy. They seek to avoid cases of money laundering, fraud and scams.
The Ministry of Finance established a committee chaired by the secretary of the Department of Economic Affairs (DEA), Subhash Chandra Garg, to focus on regulations and a roadmap to allow the use of certain active crypto in the local economy.
Regarding the opening of the authorities about the cryptographic tokens, the DEA has indicated that people must pay FIAT money to acquire a token. This can be stored as a code in any basic telephone with mobile functions. It could also be used to send remittances.
This specification makes it clear that cryptocurrencies can not, under any pretext, be used as fiat money. Interested parties will have to wait until September to know the regulations on the matter, postponed since mid-July.
M.Pino
Source: Cointelegraph
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