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Government Of India Reportedly Discards Bitcoin Ban Agenda

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According to a report by The New Indian Express on Thursday, the government’s opposing stance toward Bitcoin (BTC) appears to be shifting toward more acceptable regulatory policies for cryptocurrencies.

According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of categorizing cryptocurrencies as an alternative asset class.

Commenting on the emerging positive indications on the crypto regulatory front, Ketan Surana, a member of the Internet and Mobile Association of India spoke up saying;

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

Back in May, Indiatech.org, a technology lobby group in India, urged the government to define crypto as digital assets and not currencies. The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.

Meanwhile, the Central Bank of India recently declared that its position on cryptocurrencies remains unchanged. However, the RBI has distanced itself from reports that it mandated banks to block services to crypto exchanges.

The inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July. An expert panel created by the finance ministry is reportedly studying protocols for crypto regulation and its finding could form part of the parliamentary deliberations next month.

Some weeks ago, Coinbase announced its plans to establish its presence in India. Another powerhouse, Binance, has been there since 2019 when it acquired India’s largest crypto exchange, WazirX.

India has a population of 1.4 billion people (the largest in the world after China) that is predominantly young (median age is between 28 and 29 years old) and tech-savvy. Over the past few decades, India has become a developer hub for many tech projects around the world.

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Data Scientist, Tech Enthusiast and a Crypto Lover