Wednesday, December 8

Indian government to propose law to regulate bitcoin and cryptocurrencies | Bitcoin Portal

The government of India is about to issue a decree banning cryptocurrencies as a means of payment and at the same time releasing them for safekeeping in the form of assets such as stocks, gold or bonds, he said. The Economic Times this Wednesday (17).

According to the website, which heard people familiar with the matter, the differentiated approach to the cryptocurrency market is a regular attempt without closing the doors to the sector in the country, in other words, not totally banning assets such as Bitcoin.

License applications from cryptocurrency companies are also likely to be stopped, the insider told the website, adding that details of the bill are being finalized and that the document could be taken to the cabinet for final consideration in the next two to three weeks.

According to him, it is likely that the Securities and Exchange Board of India (SEBI), the body that regulates securities in the country, will be responsible for overseeing the new sector. Another point is that the government is also working on tax aspects and it is expected that the next legislation will address this, added the source.

Cryptocurrencies in India

It is worth remembering that India is among the countries where the fastest growing bitcoin adoption today. Consequently, the number of coups, such as financial pyramids, also grows, so much so that last Saturday, Prime Minister Narendra Modi called a closed-door meeting with government officials to discuss the matter.

During the meeting, the authorities present agreed that some cryptocurrency platforms were deceiving the country’s youth and that it was necessary to prevent advertisements that were not non-transparent.

Also according to The Economic Times, the Governor of the Central Bank of India (RBI) Shaktikanta Das reiterated on Tuesday that the number of cryptocurrency accounts in India appears to be exaggerated and that there was a need for a deeper discussion on cryptocurrencies.

The discussion around classifying Bitcoin as a financial asset class in India had been taking place since at least June of this year.

At the time, Ketan Surana, director of Coinsbit, an exchange that operates in the country and who is also a member of the Internet and Mobile Association of India, said he was hopeful that the government would adopt both cryptocurrencies and blockchain technology.



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