Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Crypto not currency has to be regulated as asset

3 min reading

R. Gandhi Former Reserve Bank of India (RBI) deputy governor set the stage on Tuesday for crypto to be treated and regulated as a distinct asset.

R Gandhi the former Reserve Bank of India (RBI) deputy governor R Gandhi on Tuesday created a situation for treating and regulating crypto as a different asset class with vision which would let governments from across the world to deal with illegal activities linked with virtual currencies. After a few debates and arguments over this matter and now people have come to fully understand that crypto cannot be a currency as the fundamental should be a legal tender. In this case it is imperative to not compel a crypto currency to be accepted by another as it is not a legal tender.

The basic plan between the policymakers is that it should be considered as an asset, not as a currency, not as a payment instrument or a financial instrument as there is no clear identified issuer. “So, once we have an understanding and acceptance, that it is an asset (not a currency), then it becomes relatively little easier to have regulation around it,” he said at a virtual event which was organised by internet and Mobile Association of India (IAMAI) and Blockchain & Crypto assets Council (BACC). He said that there might be a chance for using this virtual asset for criminal activity if there wont be a regulation and there are plenty of scenarios proving that. 

“So that is where the real difficulty comes in vis-à-vis a crypto assets as there is a possibility, and not a really possibility, there has been quite an anecdotal evidence that crypto assets have been utilised for increasingly, or in large scale for illegal activities like ransom attacks etc,” he said. The basis of the origination of crypto is from some 12 years back as an asset which cannot be traced and taxed. “So the very idea of crypto was that it should be anonymous, independent and cannot be taxed or tracked, so as I said every society will have its own rules, which expects compliance by all its members and it penalises non-compliance,” he said. 

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.