There will be no ban on investors having exposure to private cryptocurrencies in India, a source-based report confirmed. As per local reports, it seems like the Securities and Exchange Board of India (SEBI) will oversee the country’s unregulated crypto market. These reports came in soon after an ORF report stated that a ban would be “technically impractical.” It also reasoned India’s stance on disallowing a darknet crypto market by regulating the sector.
Investors will be required to disclose their crypto holdings.
According to the NDTV report, a cabinet note circulated by the Indian government mentions that cryptocurrency will be called crypto-assets, with investors being required to disclose their holdings. The report added, “Cut-off date will be prescribed for those with crypto assets to declare and bring it under regulation.” It is also important to note that the RBI has already submitted a proposal for a digital rupee to the Parliament on 29 November. However, the CBDC draft reportedly is not part of the same bill that the RBI proposed.
Finance Minister confirmed bitcoin won’t be regulated as a currency.
India has a checkered relationship with cryptocurrencies, with the government sending mixed signals of late over the direction it would take with regulations. India is not looking to legalize Bitcoin as a currency any time soon, the country’s finance minister has confirmed. As reported earlier, speaking in the Parliament, Finance Minister Nirmala Sitharaman said that the government does not collect Bitcoin transaction data, even as the country is reportedly working on Bitcoin taxation. Currently, crypto regulations are in a grey area in the country. Earlier, Prime Minister Narendra Modi had said that it is important for all democratic countries to come together to regulate crypto.