India to reportedly ditch Bitcoin ban agenda in favor of asset classification

The tide might have lastly turned for cryptocurrencies in India as reports suggest a softer position by the federal government towards crypto.

According to a report by The New Indian Express on Thursday, the federal government’s hostile position towards Bitcoin (BTC) appears to be moving towards more sensible regulative policies for cryptocurrencies.

According to inside sources estimated by the publication, authorities have actually dropped earlier prepare for a blanket Bitcoin ban in favor of categorizing cryptocurrencies as an option asset class.

The Securities and Exchange Board of India will reportedly be charged with managing crypto policies in the nation in cooperation with the finance ministry.

These inside sources likewise declare that Parliament will dispute a thorough crypto regulative expense throughout the Monsoon Session start in July. An professional panel developed by the finance ministry is reportedly studying procedures for crypto policy and its finding might form part of the parliamentary considerations next month.

Commenting on the emerging favorable signals on the crypto regulative front, Ketan Surana, a member of the Internet and Mobile Association of India stated:

“We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation.”

Back in May,, an innovation lobby group in India advised the federal government to specify crypto as digital possessions and not currencies.

Meanwhile, the Reserve Bank of India stays a strong crypto critic with the reserve bank just recently specifying that its position on cryptocurrencies stays the same. However, the RBI has actually distanced itself from reports that it mandated banks to block services to crypto exchanges.

Indeed, India’s Supreme Court reversed in March 2020 reversed a 2018 RBI ban that restricted banks from servicing cryptocurrency exchanges. As formerly reported by Cointelegraph, 3 significant crypto exchanges — Kraken, Bitfinex and KuCoin — are looking to get in the Indian market.