An anonymous source for Bloomberg Quint reports that the Indian authorities are considering possible ways to ban or regulate cryptocurrencies in the country.
According to the source, the Indian authorities are negotiating with financial regulators and participants in the cryptocurrency industry about the provisions of the bill. The documents, in fact, propose a complete ban on the circulation of digital assets in the country. However, the legislators have not yet decided whether the bill will be adopted in this form, or an alternative approach will be developed.
Three approaches are currently being considered. The first is a complete ban on cryptocurrencies. In the second option, the authorities are considering introducing regulation of cryptocurrencies. And in the third approach, it is proposed to allow certain actions with cryptocurrencies, and prohibit the rest. In any case, if cryptocurrencies are not prohibited, then the Indian authorities need to develop a standardized paradigm for regulating digital assets.
It was assumed that a bill to regulate cryptocurrencies in India will be submitted to Parliament as early as next month. However, the source says this is unlikely.
Earlier it was reported that Indian lawmakers softened their attitude towards bitcoin and are preparing a bill to regulate cryptocurrencies. It seems that several documents are being developed in the country at once, one of which suggests a ban on cryptocurrencies.
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