Indian Government Considers Launching Crypto Tokens for Transactions

Crypto tokens might soon flood into the market as the Indian government is considering to launch it. Unlike cryptocurrency, it will not pose a major threat to the country’s monetary policy. The reason is that one needs to pay physical money to buy the tokens.

The center is evaluating if they can replace crypto tokens with smart cards. It is working unanimously on a set of regulations and specified actions, including a strategy for permitting cryptocurrency. The draft regulations will be tabled before Parliament after they are legally vetted, according to the sources.

A senior government official was quoted as saying, ”The Indian government is scrutinizing if crypto tokens can replace smart cards. In the private sector, the crypto tokens can be used in the loyalty programmes such as air miles.” The token could be stored as a code in any basic mobile feature phone. While it is treated as an equivalent of money, the blockchain based crypto token is but a representation of money.

According to Moneycontrol, the existing ban on cryptocurrency still will continue to prevail for now. The government is studying the possibility of using various crypto assets, including cryptocurrency. It is trying to figure out what kind of regulations that are essential to deal with the crypto tokens and other crypto assets.

Meanwhile, the experts believe that the government is allowing crypto tokens to test the waters and is unlikely to shift its stance on cryptocurrency in the near future. Subhash Chandra Garg voiced his opinion stating, “We don’t believe that the cryptocurrencies to be currencies at all. We have issued several advisories for people to not deal with it.”

The Indian government is carefully considering to launch crypto tokens in the market. However, cryptocurrency will not prevail in the Indian market as the investors consider it as phony.

The post Indian Government Considers Launching Crypto Tokens for Transactions appeared first on OWLT Market.

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