Indian crypto legislation is almost close.
Also, The Indian government has listed a crypto bill to be taken up in Lok Sabha, which is the lower house of India’s parliament. That’s, for the winter session which starts on Monday, Nov. 29.
Furthermore, The bill “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” will “prohibit all private cryptocurrencies in India,..”
“however, it allows for certain exceptions to promote the…”
“underlying technology of cryptocurrency and its uses.”
More so, some debates are going on about whether the Indian government will ban cryptocurrencies like bitcoin (BTC) and ether (ETH).
Additionally, The crypto bill itself is not yet public and no official statement from the government official regarding the bill.
Furthermore, many publications and industry insiders are only guessing and quoting various sources familiar with the matter.
So, Kumar Gaurav, the CEO of crypto banking platform Cashaa, tweets on Wednesday,
“I just got off with a call with a few high-level officials from MOF [Ministry of Finance]…”
“There is no complete ban, but the direction is to regulate crypto in line with…”
“FATF [Financial Action Task Force] guidelines.”
Then, Gaurav adds that crypto will be an asset class under regulations by the Securities and Exchange Board of India (SEBI). Also, the crypto exchanges will need to obtain licenses from the regulator. “All positive notes,” he notes.
Furthermore, Avinash Shekhar, co-CEO of Indian cryptocurrency exchange Zebpay, explains to CNBC’s “Squawk Box Asia” on Thursday,
“My belief is that we will have some kind of coherent regulation, but on the tougher side.”
More so, Shekhar explains
“There have been lots of positive vibes from the government…”
“We met the finance committee of Parliament around two weeks back…”
“The message or the feelers which we are getting from the government is that they’re…”
“looking for some kind of regulation — strict regulation, but not a complete ban.”
Lastly, Tanvi Ratna, CEO of Policy 4.0, comments also,
“Yes, it’s expected that the government will pass legislation in this session itself…”
“However, it may not be a complete legislation…”
“It is expected that some basic coins such as BTC, ETH etc could be allowed in some form.”