Reports Indicate India Might Not Be Moving Ahead With Its Bitcoin Ban

According to the recent report circulating from India, the Indian authorities have a change of heart and are unwilling to ban Bitcoin. As there might be a new legislative bill up for debate amid the Monsoon Session of the Indian Parliament.

Digital currencies might just be in good luck as the latest reports suggest the government has taken a more flexible approach towards the crypto market.

On Thursday, Indian Express reported that the regulators’ stern stance regarding BTC might have started to shift towards more logical regulating policies for digital currencies.

Following the sources mentioned by the news outlet, the government has let go of their previous strategy for a straight-out ban on Bitcoin and now are considering categorizing digital currencies as an asset.

The SEBI will be charged to monitor the crypto laws of India with the partnership of the Indian fiancé ministry.

The aforementioned sources also claimed that the Indian Parliament would discuss an extensive crypto regulation bill amid the Monsoon Session in early July. A panel of experts forged by the Indian Finance ministry will reportedly study protocols for digital assets regulation, and the discovery by that panel could be a part of deliberations in July.

Passing remarks on the upcoming promising indications on the crypto front, Surana, who is part of the Mobile and Internet Association in India, said:

That he is almost convinced that the recent committee working on digital currencies is hopeful on digital currency legislation and regulation.

Just last month, Indiatech.org, which is a technology lobbying group based in India, advised the Indian government to outline crypto not as currencies but as crypto assets.

In the meantime, the central bank of India maintains its skepticism when it comes to crypto, with the reserve bank in the latest press release state that it maintains the same stance on digital currencies after the most recent reports have been circulating in India.

Last year in March, the Supreme Court overruled the Reserve Bank of India’s ban that would prohibit banks from serving digital asset exchanges. According to reports from Cointelegraph, KuCoin, Bitfinex, and Kraken are inspecting India’s industry for future endeavours.

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