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Centre may bring cryptocurrency exchanges under ambit of Sebi: Report
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The Union government is reportedly planning to bring rename cryptocurrency and place it under the regulatory ambit of Sebi instead of imposing a ban, according to a Mint report.
"Under the proposed law, cryptocurrency will be renamed crypto-asset and brought under the ambit of the Securities and Exchange Board of India (Sebi)," the publication reported on 3 December quoting sources.
Read | What happens when RBI issues a digital currency?
According to the report, by renaming cryptocurrency, the Centre aims to avoid an overlap between crypto-asset and the proposed digital currency by the Reserve Bank of India (RBI).
"All crypto exchanges will come under Sebi's regulatory ambit. Any violation could lead to monetary penalties ranging from Rs 5-20
Read more on moneycontrol.comAbout this in other media
Crypto Bill: More Changes Likely, Government May Consider Executive Order ndtv.com /2 years ago
Allowing cryptocurrency may erode central bank's control over money supply: Former RBI Guv economictimes.indiatimes.com /2 years ago
Report reveals India may restrict exchange-to-exchange transfers, introduce crypto wallet ambcrypto.com /2 years ago
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