Cryptocurrency Q&A
What is the new cryptocurrencies bill based on?
What is the new cryptocurrencies bill based on?
JejuSunshine
Sun Jul 07 2024
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6 answers
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Could you elaborate on the underlying framework or principles that guide the proposed new cryptocurrencies bill? Are there any specific legal or economic theories that serve as its foundation? What are the key tenets that drive the design of this legislation? How does it intend to address issues like consumer protection, market stability, and regulatory oversight in the rapidly evolving cryptocurrency landscape? Understanding the basis of this bill is crucial for assessing its potential impact and effectiveness.
6 answers
amelia_harrison_architect
Mon Jul 08 2024
The current draft of the Bill appears to have drawn heavily upon the recommendations outlined by the SC Garg Committee, established under the aegis of the Department of Economic Affairs within the Ministry of Finance.
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Dario
Mon Jul 08 2024
While the specifics of the Bill remain to be seen, it is expected to address various aspects of cryptocurrency regulation, including consumer protection, market integrity, and the prevention of illicit activities.
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Michele
Mon Jul 08 2024
The Garg Committee, in its comprehensive report titled "Report of the Committee to propose specific actions to be taken in relation to Virtual Currencies," presented a series of measures pertaining to the regulation of cryptocurrencies.
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FireFlyer
Mon Jul 08 2024
It is worth mentioning that BTCC, a UK-based cryptocurrency exchange, offers a range of services such as spot trading, futures trading, and wallet services. Such exchanges provide platforms for individuals and institutions to engage in the trading of digital currencies.
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lucas_emma_entrepreneur
Mon Jul 08 2024
Notably, the report suggested the implementation of a ban on cryptocurrencies, citing concerns over their potential risks to the financial system and the economy at large.
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