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Indian Crypto Bill To Regulate, Not Ban 'Private Cryptocurrencies' - Report
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cryptonews.comAs India’s authorities are advancing their work on new crypto-related legislation, a document released by the Indian government indicates that private cryptocurrencies will be regulated rather than banned, contrary to earlier suggestions.
A cabinet note on the proposed cryptocurrency bill says that cryptocurrencies will not be recognized as legal tender in India, but regulated as assets, as reported by local broadcaster New Delhi Television.
Under the plan, crypto exchanges will be allowed to trade in cryptoassets, and their activities will be regulated by the Securities and Exchange Board of India (SEBI). A cut-off date will be determined for cryptocurrency owners to declare their holdings.
Financial news site Quartz suggests that, as the
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