(This story initially appeared on November 17, 2021) the government could not close the door to Cryptocurrency and instead took a nuanced approach.
They may not be allowed as currencies to complete transactions and make payments but can be considered as assets such as stocks, gold or bonds.
Active calculations by companies including exchange and platforms will be prohibited, people with knowledge of the matter to ET.
The government is completing a law that will open the way for Crypto asset trade regulations while prohibiting the use of virtual currencies for payments and transactions.
“Active requests will not be permitted …
The details of the bill are being resolved,” said the government’s source.
The laws that work can be brought to the cabinet to be considered in the next two to three weeks, the person said.
The Indian Securities Agency and Exchange (SEBI) can be set as a regulator, even though the last call has not been taken.
“Discussion about rules is underway,” said the person.
Working on government tax aspects also works on aspects of taxation and the upcoming law is expected to overcome this, the person added.
The government sought to introduce bills in the upcoming winter parliament.
ET has been on November 8, reports that the government tends to take the middle ground on the cryptocurrency and do not choose a direct ban.
Someone was aware of the discussion at a meeting chaired by Prime Minister Narendra Modi on Cyrptocurrency Saturday said that the overall view in the government was that the steps taken must be proactive, “progressive and forward-insight” because it is a developing technology.
The Standing Parliamentary Committee on Finance who met with the Crypto Industry Representative on Monday also seems to support regulations and not a complete ban, a stand adopted by industrial representatives.
The Reserve Bank of India (RBI) has expressed concern over cryptocurrency which poses a threat to macro and financial economic stability and capital control.
It is understood to support the prohibition in this view.
RBI Governor Shaktikanta Das reaffirmed Tuesday that the number of Cryptocurrency accounts in India seemed to be exaggerated.
At the state of the state of India on Tuesday in Mumbai, he said there needs to be a deeper discussion about Cryptocurrency and have not seen the debate information about the main problem, some of which have been raised by the RBI.