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India to ban Bitcoin (BTC) and other cryptocurrencies

Wed 17 Nov 2021 ▪ 20h06 ▪ 2 min read — by Susan McCormack

Crypto question has long been on the agenda for the Indian government, which still can’t decide whether to introduce strict regulations or opt for a more subtle approach. Over the past few months, the situation has been relatively favourable for crypto investors.

Crypto ban in India

The Indian authorities are working on a new bill designed to regulate digital assets. The document prohibits performing any kind of crypto-related transactions and payments, but allows cryptocurrencies to be held as assets like gold, shares or bonds.

The Indian crypto community is happy with this scenario, since the bill satisfies their previous requests. Earlier, they addressed the government asking to classify cryptocurrencies as assets, which would protect cryptos from being completely banned in India.

Indian authorities fight money laundering

The Indian government sees the main problem of the digital asset market in its insufficient regulation, which stimulates money laundering and terrorist financing. The Indian authorities want the regulatory steps taken to be proactive, “progressive, and forward-looking”.

Meanwhile, the Reserve Bank of India is not very positive about cryptocurrencies. The regulator is concerned about potential risks to financial and macroeconomic stability.

The Securities and Exchange Board of India (SEBI) is said to be designated as the regulator, yet some changes can still be made, since the crypto regulating bill will be submitted for consideration only in the next two to three weeks. It is rumoured that there is a number of other details that should be worked out before the bill is adopted.

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Susan McCormack avatar
Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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