India is likely to regulate crypto as an asset – much like stocks, bonds or gold – but may ban the use of cryptocurrencies as payments, according to a report by the Economic Times, citing sources.
Details of the bill are still being finalized, a government source told , with draft legislation expected to be taken to the Cabinet for consideration in the next two to three weeks.
The report also said the country’s top securities regulator – the Securities and Exchange Board of India (SEBI) could be designated as the regulator for crypto, although a decision is yet to be taken.
The bill is likely to be introduced in the winter session of the Indian Parliament.
India has softened its stance on crypto in recent months, after a top court in the country overturned an outright ban on it in March 2020. On Monday this week, Indian crypto industry representatives including Binance-owned WazirX met with the government for discussions. Exchanges are pushing for a regulatory sandbox, within which regulations may be fine-turned, according to a report.
24 November, 2021, 4:36 pm
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