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New Crypto Bill: Private Cryptocurrency To Be Regulated, Not Banned; Crypto Not Legal Currency In India: 5 Points
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ndtv.comRBI will regulate issues related to cryptocurrency
The note suggests that Cryptocurrency is not recognised as legal currency in the country. The legislation also describes Cryptocurrency as Cryptoasset, according to the Cabinet note.
Cryptoassets will be dealt with the existing crypto exchange platforms which will be regulated by the Securities and Exchange Board of India (SEBI). A cut-off date will be prescribed for those having cryptoassets to declare and bring under the crypto exchange platforms - which will be regulated by the market regulator.
Reserve Bank of India's proposed virtual currency has not been clubbed with the new crypto legislation. However, the central bank will regulate issues related to cryptocurrency.
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