India to reportedly ditch Bitcoin ban agenda in favor of asset classification
June 10, 2021. Summarized by summa-bot.
Compression ratio: 38.5%. 1 min read.
India's government has reportedly ditched earlier plans to ban Bitcoin and cryptocurrencies and is moving towards creating clear-cut crypto regulations with virtual currencies classified as alternative assets.
The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government towards crypto.
According to a report by The New Indian Express on Thursday, the government’s hostile stance towards Bitcoin (BTC) appears to be shifting towards more common-sense regulatory policies for cryptocurrencies.
The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.
Meanwhile, the Reserve Bank of India remains a staunch crypto critic with the central bank recently stating that its position on cryptocurrencies remains unchanged.
However, the RBI has distanced itself from reports that it mandated banks to block services to crypto exchanges.