The government of India is setting up plans to launch cryptocurrency regulation in February next year.
Notably, this is according to local news outlet Business Today.
“Finance Ministry officials have told Business Today Television…”
“that a law for cryptocurrencies would most likely come around…”
“by the time of the next general Budget.”
Additionally, the government is to regulate cryptocurrencies as an asset class. Which of course, is more like commodities regulations, including necessary taxation on transactions and gains.
Recall, In June, the government states how the Securities and Exchange Board of India (SEBI) will handle regulations.
Especially, for the cryptocurrency sector after crypto is seen as an asset class.
More so, officials from the Finance Ministry and the Reserve Bank of India (RBI) are adjusting the structure for crypto regulation.
Notwithstanding, the central bank notes it still has “serious concerns” about cryptocurrency.
Currently, India is not regulating the crypto sector directly but is considering a bill “Banning of Cryptocurrency & Regulation of Official Digital Currency”.
Notably, this implies a ban all cryptocurrencies, like bitcoin minus the ones the state issues.
Notably, inter-ministerial committee, headed by former Finance Secretary Subhash Chandra Garg drafts. Which of course, was published in July 2019.
Surprisingly, new reports states that the government of India is no longer considering idea of banning cryptocurrencies.
Lastly, The CEO of cryptocurrency exchange Wazirx, Nischal Shetty expresses his thoughts on crypto regulation in India
“Great to hear that India plans to bring in crypto regulation bill next year…”
“Crypto has reached a stage where countries no longer talk about a ban…”
“It’s now about ‘How to regulate.’
