{"id":12599,"date":"2021-02-05T18:19:13","date_gmt":"2021-02-05T12:49:13","guid":{"rendered":"https:\/\/zebpay.com\/?p=12599"},"modified":"2021-02-05T18:19:13","modified_gmt":"2021-02-05T12:49:13","slug":"crypto-and-crypto-regulations","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/crypto-and-crypto-regulations","title":{"rendered":"Crypto and Crypto Regulations"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-and-crypto-regulations\/#On_the_other_hand_cryptocurrencys_position_is_a_lot_less_certain\" title=\"On the other hand, cryptocurrency\u2019s position is a lot less certain:\">On the other hand, cryptocurrency\u2019s position is a lot less certain:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/crypto-and-crypto-regulations\/#Self-Regulate_for_Success\" title=\"Self-Regulate for Success\">Self-Regulate for Success<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><strong>The past few weeks have seen plenty of buzz around cryptocurrency regulations. Yes, even before the news of India\u2019s cryptocurrency bill broke. For legislators across the globe, the use of cryptocurrency for criminal financing has been a significant concern. Incidents like the Bitcoin scam on Twitter last year don\u2019t help this perception.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/xnAsdCqKz0c10YB8IOZMvCjYk8ix2r_6RKqXnGg8v5xZ2WM6ffC965NC05t42tedNewnUqDpNVg2qLXy6vyPFjqVf_tqBRcmmptjPz6T1rPad4tONaMx5-K5CpQtYZRVmaRm75_d\" alt=\"\" width=\"367\" height=\"242\"\/><\/figure><\/div>\n\n\n\n<p>As blockchain technology gains more and more widespread acceptance, it is a matter of <em>when<\/em> it will be adopted by the Indian government. We\u2019ve talked about the benefits of one such use case, with <a href=\"https:\/\/zebpay.com\/blog\/how-chainlink-can-bring-the-power-of-blockchain-to-indias-farmers\/\" target=\"_blank\" rel=\"noreferrer noopener\">Chainlink and the Pradhan Mantri Fasal Bima Yojana<\/a>.\u00a0<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-on-the-other-hand-cryptocurrency-s-position-is-a-lot-less-certain\"><span class=\"ez-toc-section\" id=\"On_the_other_hand_cryptocurrencys_position_is_a_lot_less_certain\"><\/span>On the other hand, cryptocurrency\u2019s position is a lot less certain:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>\u201cI think many [cryptocurrencies] are used, at least in a transaction sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn\u2019t occur through those channels.\u201d<\/em><\/p><cite>Janet Yellen, United States Secretary of the Treasury<\/cite><\/blockquote>\n\n\n\n<p>Although she later offered a more nuanced take, the statement echoes the notification that banned crypto in India back in 2018:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>\u201cTechnological innovations, including those underlying virtual currencies, have the potential<\/em> <em>to improve the efficiency and inclusiveness of the financial system. However, Virtual<\/em> <em>Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise<\/em> <em>concerns of consumer protection, market integrity and money laundering, among others.\u201d<\/em><\/p><\/blockquote>\n\n\n\n<p>The transparent nature of the blockchain means we can observe the follow of assets from illicit sources. Our friends at Chainalysis tell us that only <a href=\"https:\/\/markets.chainalysis.com\/?range=30&amp;asset=BTC#risk-illicit-flows\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">0.52% of all transactions in the last 180 days<\/a> fit this description.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-self-regulate-for-success\"><span class=\"ez-toc-section\" id=\"Self-Regulate_for_Success\"><\/span>Self-Regulate for Success<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>With that said, to prevent ill-informed regulations from being formed, <a href=\"https:\/\/zebpay.com\/in\/buy-cryptos\/\" target=\"_blank\" rel=\"noreferrer noopener\">cryptocurrency<\/a> firms have moved created self-regulatory bodies. These associations serve several purposes: they act as a way to educate and inform the governments of the world about what appropriate regulation of cryptocurrency should look like, they self-institute measures to protect themselves and users, and ultimately help the crypto industry grow down a sustainable path.<\/p>\n\n\n\n<p>We\u2019ve had a big part to play in one of the first instances of such a self-regulatory body. In 2017, ZebPay joined forces with Unocoin, Coinsecure, and Searchtrade to form DABFI. The Digital Asset and Blockchain Foundation of India worked to develop regulations for the crypto industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The past few weeks have seen plenty of buzz around cryptocurrency regulations. Yes, even before the news of India\u2019s cryptocurrency bill broke. For legislators across the globe, the use of cryptocurrency for criminal financing has been a significant concern. Incidents like the Bitcoin scam on Twitter last year don\u2019t help this perception. As blockchain technology [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12602,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[109,115,65],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/12599"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=12599"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/12599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/12602"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=12599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=12599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=12599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}