The tide may have finally turned to cryptocurrencies in India, as reports suggest a softer government stance on cryptocurrencies.
According to internal sources cited in the publication, the authorities abandoned earlier plans to ban bitcoins in general in favor of classifying cryptocurrencies as alternative asset classes.
The Indian Securities and Exchange Board will reportedly be tasked with overseeing the country’s cryptographic regulations in cooperation with the Ministry of Finance.
These internal sources also claim that Parliament will discuss a comprehensive law on cryptocurrencies during the monsoon session, which begins in July. A panel of experts set up by the Ministry of Finance is reportedly studying protocols for cryptocurrency regulation, and its findings could be part of parliamentary talks next month.
Commenting on the emerging positive signals on the crypto regulatory front, Ketan Surana, a member of the Indian Internet and Mobile Association, said:
“We can certainly say that the new committee working on cryptocurrencies is very optimistic about the regulation and legislation of cryptocurrencies.”
In May, Indiatech.org, the Indian Technology Lobby Group called on the government to do so define crypto as digital assets, not currencies.
Meanwhile, the Reserve Bank of India remains a reliable cryptographic critic, and the central bank recently stated that it is the position on the cryptocurrencies remains unchanged. However, the RBI has distant itself from reports that it has ordered banks to block cryptoburse services.
In fact, in March 2020, India’s Supreme Court overturned the lifting of the 2018 RBI ban, which banned banks from operating cryptocurrency exchanges. As previously announced by Cointelegraph, the three main cryptobourses – Kraken, Bitfinex and KuCoin – are trying to enter the Indian market.