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India is looking at cryptocurrency regulation, report says

By Vinu Lal

14:48, 11 June 2021

The Indian government is considering a new law to regulate cryptocurrency trading in the country and is also weighing the possibility of approving “bitcoin as an asset class,” The New Indian Express reported on Friday, without saying where it got the information.

Crypto market participants in the country are in talks with the finance ministry to formulate new rules and regulations to govern transactions in virtual currencies, the newspaper said.

Such a move would be a major shift in India’s stance on digital assets, as the Reserve Bank of India had banned all kinds of cryptocurrency transactions in 2018. That move was quashed by the Supreme Court of the country in March, urging the nation’s central bank to issue a clarification saying banks need not warn customers against crypto trading.

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Experts to oversee

An expert panel in the ministry is studying the matter, said the news report. Indian stock market regulator Securities and Exchange Board of India is likely to oversee regulations for the crypto market. A cryptocurrency regulation bill is likely to be tabled in Parliament during the monsoon session, scheduled in July, added the report.

The report cited Ketan Surana, director and chief financial officer of Coinsbit, and member of Internet and Mobile Association of India, as saying that the new committee working on cryptocurrencies was very optimistic on its regulation and legislation. A new draft proposal would look into the overall scenario and take the best step forward, said Surana.

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