January 08, 2022
There are always countries that are in the news when it comes to cryptocurrency. While America is often in the news about cryptocurrency use and adoption, it is India and China that are considered the main focus for many. The large population combined with the early use and acceptance of cryptocurrencies by the population means that what regulations are put in place in these two countries will have a market impact.
The Latest from India
Several groups are speaking out about their stance on cryptocurrency and how the government should continue to handle the growing cryptocurrency issue. The latest in cryptocurrency regulation news from the area indicates the resolution to ban the acceptance of private digital currencies and the move to issue a central bank digital currency.
The latest group to make this announcement is the SJM or Swadeshi Jagran Manch. While they do have influence with the ruling party, including a member who is also on the board of the Reserve Bank of India, the political impact of this resolution is limited, according to government observers.
The SJM, it should be clarified, is not directing a specific message to the government. Instead, it is meant to provide a perspective of the organization and how the role of a central bank digital currency has benefits over the choice of private digital currencies.
Separating Blockchain Technology
It is interesting to note that in this cryptocurrency regulation news is the separation of the blockchain technology from the cryptocurrencies market. In fact, the group embraces and encourages the use of blockchain technologies to ensure the country is moving forward and keeping pace with global technological advancement.