The Government of India will amend the bill to ban cryptocurrencies and consider the possibility of regulating this asset class. Bloomberg writes about this with reference to a knowledgeable source.
The draft law “On cryptocurrencies and the regulation of official digital currencies” was submitted to the budget session of the Indian Parliament, but it was never presented. The Bloomberg source claims that the government, together with regulators and other stakeholders, decided to revise key aspects of the document.
The discussion is allegedly being conducted on three issues:
should i prohibit cryptocurrency trading in India;
is it possible to regulate cryptocurrencies instead of completely banning them;
what types of cryptocurrency-related activities should be allowed and what should be prohibited.
According to the interlocutor of the edition, the provisions of the bill are being revised “point by point”. In parallel, discussions are underway with regulators and technical experts.
From April 2021, Indian companies are required to report digital asset transactions, volume, and “any person” advances and deposits.
In May, the media reported that the government of the country will discuss the creation of a committee that will study the possibility of regulating cryptocurrencies as digital assets, as well as various options for using the blockchain.
In June, India’s Finance Ministry’s Enforcement Administration announced that one of the country’s largest bitcoin exchanges – owned by Binance WazirX – was under investigation for alleged currency violation.
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