After India, Now USA Banking Regulator Has Announced A Plan To Clarify The Rules & Regulations On How Its Banks Can Use Cryptocurrencies

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Cryptocurrency: After India, now US regulators will consider crypto risks

Cryptocurrency: Banking regulators in the US have announced a plan to clarify the rules and regulations on how its banks can use cryptocurrencies over the next year. 

Governments around the world, including India, are currently weighing the risks associated with cryptocurrencies and protecting investors. 

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said in a statement that they believe the emerging crypto-asset sector presents potential opportunities and risks for banking organizations, their customers and overall does.

“As supervised institutions seek to engage in crypto-asset-related activities, it is critical that agencies provide coordinated and timely clarity on where security,

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consumer protection and compliance with applicable laws and regulations are concerned,” regulators said in a joint statement on Wednesday. be appropriate to promote, including anti-money laundering.

During 2022, US agencies plan to provide more clarity on whether certain activities related to crypto-assets conducted by banking organizations are legally permitted and require security, consumer protection and compliance with existing laws and regulations.

Huh. The agencies said they continue to monitor developments in crypto-assets and may address other issues as the market develops.

It may take India’s ban on private Kriptokrensi

Also, agencies on issues arising from activities related to the crypto-assets associated with other relevant authorities and will continue to cooperate. 

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In India, the upcoming Regulation of Cryptocurrencies and Official Digital Currency Bill, 2021 seeks to ban all private cryptocurrencies in India.


Although many high-profile meetings were held , it allows some exceptions to promote the underlying technology of cryptocurrencies and its use. 

With the Indian government seeking to ban all private cryptocurrencies in the Crypto Bill 2021, experts and major industry players have said that the provisions relating to ‘banning’ private cryptocurrencies have to be looked at very carefully. 

Several high-profile meetings have been held in recent days to discuss the regulation of cryptocurrencies. 

The Parliamentary Standing Committee had also sought regulation on cryptocurrency and its ecosystem.

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PM Modi’s statement on cryptocurrency

Prime Minister Narendra Modi had earlier said that all democratic countries need to work together on cryptocurrency and ensure that it does not fall into the wrong hands. 

Giving the example of virtual currency, he said, ‘Take cryptocurrency or bitcoin for example. It is important that all countries work together on this and ensure that it does not fall into the wrong hands, which can spoil our youth.

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