Asset Classification To Replace Bitcoin Ban In India

Asset Classification To Replace Bitcoin Ban In India

The Indian government is relaxing its earlier antagonistic approach to cryptocurrencies as a proposal on crypto regulations will be up for deliberation between the July -September parliamentary meeting.This may be the ray of light for the Indian crypto industry.

The New Indian Express had on Thursday said that authorities are trying to find rules for crypto operations instead of making the industry an outright anathema. In the write up by the media agency, a reliable source said that the initial stance of the government which was to halt Bitcoin operations has been dropped. The latest consideration by officials is to classify cryptocurrencies as an asset.

The country’s Securities and Exchange Board in partnership with the finance ministry will be in charge of formulating standards for crypto transactions.It was also gathered from the anonymous that the government will hold deliberative meetings regarding crypto businesses during the July -September parliament. A board made up of professionals established by the ministry of finance is currently researching on crypto processes and its assessment may form the basis of the crypto discourse at the upcoming parliament.

Speaking on the recent development, one of the members of a reputable industry body said that the board established for crypto regulations has a positive outlook to the task.Last month, proposed that government take crypto as an electronic asset rather than currency.

Though the Reserve Bank of India has maintained an antagonistic approach to cryptocurrencies and its operations, they however did not stop banks from engaging in crypto transactions. The Supreme Court had in March overruled the central banks order to stop banks from getting involved in cryptocurrency operations. Cointelegraph earlier said that three multinational Crypto Firms viz; Kraken, Bitfinex and KuCoin have eyes on the Indian crypto market.


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