The tide for cryptocurrencies in India may finally be turning as reports indicate the government’s soft stance towards crypto.
According to insiders cited by the publication, authorities have abandoned earlier plans for a broader bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class.
The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the Ministry of Finance.
These insiders also claim that Parliament will debate a comprehensive crypto regulatory bill during the monsoon session that begins in July. An expert panel created by the finance ministry is reportedly studying protocols for crypto regulation and its discovery could form part of parliamentary deliberations next month.
Commenting on the emerging positive signs on the crypto regulatory front, Ketan Surana, Member, Internet and Mobile Association of India, said:
“We can say with certainty that the new committee working on cryptocurrency is very optimistic on cryptocurrency regulation and legislation.”
Back in May, Indiatech.org, a technology lobby group in India urged the government to Define crypto as a digital asset and not a currency.
Meanwhile, the Reserve Bank of India has remained a staunch crypto critic with the central bank recently stating that its The position on cryptocurrencies remains unchanged. However, RBI far away Reports itself that it mandated banks to block services in crypto exchanges.
Indeed, in March 2020, the Supreme Court of India overturned a 2018 RBI ban that had barred banks from serving cryptocurrency exchanges. As previously reported by Cointelegraph, three major crypto exchanges – Kraken, Bitfinex and KuCoin – are looking enter the Indian market.