The Indian authorities is probably going to regulate cryptocurrencies in its upcoming funds in February, shifting away from its earlier strategy of looking for to impose an outright ban, in accordance to a Business Today report.
- A regulation masking cryptocurrencies will probably be mentioned in the nation’s subsequent basic funds, the report mentioned, citing Indian Finance Ministry officers.
- The authorities is probably going to go for regulating cryptocurrencies as an asset class, related to commodities, with acceptable taxation of transactions and positive aspects.
- India’s Finance Ministry and the Reserve Bank of India (RBI) officers are at the moment engaged in “fine-tuning the conceptual framework and the necessary regulations,” in accordance to Business Today.
- In June, The New Indian Express reported that the federal government was leaning in the direction of classifying bitcoin as an asset class, citing trade sources, and that the Securities and Exchange Board of India (SEBI) would regulate the cryptocurrency sector.
Read extra: India May Have Quietly Shown Its Hand on Crypto Regulation