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Government May Bar Crypto Transactions, Permit Holding As Assets: Report
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ndtv.comIndia's digital currency market was worth $6.6 billion in May 2021, according to Chainalysis.
Mumbai: India is likely to bar the use of cryptocurrencies for transactions or making payments, but allow them to be held as assets like gold, shares or bonds, the Economic Times reported on Wednesday.
Citing sources familiar with the government's thinking, the newspaper said this approach would avoid implementing a complete ban, though the government was keen to stop crypto companies, including exchanges and platforms from actively trying to attract new investors.
The crypto community has made several representations to Indian authorities asking to be classified as an asset rather than as a currency, in order to gain acceptance and avoid a ban.
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