New Delhi: India is considering a proposal to treat cryptocurrency as a financial asset while keeping small investors, according to people who are familiar with this problem.
The discussion came as a race authorities to complete the Prime Minister Narendra Modi Bill wanted to attend the parliament in the session from November 29.
The law can determine the minimum amount for investment in the digital currency, while prohibiting its use as a legal tender, the people said, asking not to be identified because there was no final decision taken.
CryptocurrencyLivePolicy Makers left themselves some space of motion when they posted a description of the bill on the parliamentary website on Tuesday night, by saying the bill seeks to ban all personal cryptocurrency except “certain exceptions to promote the technology of cryptocurrency and its underlying use.” Uncertainty triggered sales on Wednesday at the Cryptocurrency including Shiba Inu and Dogecoin, which at one point fell more than 20% in the trade platform Wazirx, one of the leading Cryptocurrency exchanges in India.
They are far less affected by trade platforms such as binance or kraken.
A spokesman for the Ministry of Finance cannot be contacted immediately for comments.
Reserve Bank of India wants a complete ban on the digital currency because the central bank feels that it can affect the stability of the macroeconomic and state finances.
While the government is considering a tax increase from the Cryptocurrency in the next budget, the Governor of Shaktikanta Das last week said the country needed a deeper discussion about this problem.
The Prime Minister’s office actively sees this problem, and so the contents of the bill will be taken to the cabinet for his approval, said people.
Earlier this month, Modi held a meeting about Cryptocurrency, after the official said India would not allow the Crypto market which was not regulated into roads for money laundering and terror financing.
Then, in a speech last week, he urged democratic countries to work together in managing private virtual currencies that fail where they can land in “wrong hands”.
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