India retraces steps on the crypto ban – considers regulation
- India’s government considers setting cryptocurrency regulations rather than an outright ban.
- Parliament will be debating an expansive crypto regulatory bill at the Monsoon Session next month.
- Crypto exchanges are now exploring ways to set up in the country.
India’s stance on cryptocurrencies has been a serious concern for crypto enthusiasts in the country. The government was initially planning to Bitcoin (BTC/USD) and cryptocurrencies, but it seems the officials are stepping back on their resolve.
Reports indicate that the government may be having thoughts about a more regulatory plan rather than the ban earlier proposed.
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The Securities and Exchange Board of India will seemingly be charged with the responsibility of enforcing the updated crypto regulations. However, the board will be collaborating with the finance ministry to make it happen.
An inside source claimed that the Parliament will be debating an expansive crypto regulatory bill at the Monsoon Session next month.
The source also noted that the finance ministry is looking into protocols for crypto regulations, which could be included in the deliberations by the Parliament next month.
A breath of fresh air for India’s crypto community
Earlier in March, India proposed a law that will fine anyone trading in cryptocurrencies in the country. This was considered a major blow to the long list of investors who have put their money in the asset class.
The bill would criminalize the trading, mining, issuance, and possession of crypto assets, which would have been considered as one of the strictest policies against cryptocurrencies. But the digital asset community could be having a breath of fresh air following the news that the Indian government is planning to retrace its steps.
However, the Reserve Bank of India has always maintained its stance against Bitcoin and cryptocurrencies. It recently stated that its position on cryptocurrencies remains the same.
Crypto exchanges in India exploring their options
Despite the stance of the Reserve Bank of India, it has not stopped crypto exchanges from exploring ways to set up in the country. Their encouragement is coming from the fact that the government is dithering from its earlier resolve to ban crypto business in the country.