India Reportedly No Longer Wants to Ban Cryptocurrencies; Now Pursues Asset Classification

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As per The New Indian Express report published this Thursday, the Indian government’s adverse opinions regarding Bitcoin (BTC) and cryptocurrencies, in general, may now appear to be lightening up, opting for more crypto-friendly policies instead of outright banning it.

According to the sources cited by the particular news outlet, the country’s government has now trashed its initial plans to blanket ban BTC in favor of classifying such digital currencies as an alternative asset class. The report further notes that the Securities and Exchange Board of India would be the one to oversee the now appointed crypto sector. Notably, a crypto-based regulation bill is also reportedly set to be discussed on next month’s monsoon session headed by the parliament.

Despite India’s crypto regulatory turmoil for the better part of 2020 and the first half of this year, the Indian crypto space still experienced massive growth. This is thanks mainly to the rapidly expanding interest of millennials towards BTC, which actually forced the country’s Supreme Court to set aside the imposed crypto ban by the Reserve Bank of India, or RBI, last March 2020.

Prominent crypto exchanges worldwide, such as Bitfinex, Kucoin, and Kraken, are now all reportedly eyeing the situation of the Indian crypto space very closely in the hopes of penetrating the huge market once its regulatory concerns are fleshed out.

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