India to reportedly ditch Bitcoin ban agenda in favor of asset classification

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The tide could have lastly turned for cryptocurrencies in India as stories point out a softer stance by the federal government in the direction of crypto.

According to a report by The New Indian Express on Thursday, the federal government’s hostile stance in the direction of Bitcoin (BTC) seems to be shifting in the direction of extra common sense regulatory insurance policies for cryptocurrencies.

According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies in its place asset class.

The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto rules within the nation in collaboration with the finance ministry.

These inside sources additionally declare that Parliament will debate a complete crypto regulatory invoice through the Monsoon Session starting in July. An knowledgeable panel created by the finance ministry is reportedly finding out protocols for crypto regulation and its discovering might type a part of the parliamentary deliberations subsequent month.

Commenting on the rising optimistic alerts on the crypto regulatory entrance, Ketan Surana, a member of the Internet and Mobile Association of India stated:

“We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation.”

Back in May, Indiatech.org, a expertise foyer group in India urged the federal government to outline crypto as digital property and never currencies.

Meanwhile, the Reserve Bank of India stays a staunch crypto critic with the central financial institution not too long ago stating that its place on cryptocurrencies stays unchanged. However, the RBI has distanced itself from stories that it mandated banks to dam companies to crypto exchanges.

Indeed, India’s Supreme Court overturned in March 2020 overturned a 2018 RBI ban that prohibited banks from servicing cryptocurrency exchanges. As beforehand reported by Cointelegraph, three main crypto exchanges — Kraken, Bitfinex and KuCoin — want to enter the Indian market.