IndianDespite numerous claims from various sources that India might outrightly ban crypto, the Indian Government has just confirmed otherwise. In fact, before now, there has been an air of anxiety in the Crypto industry as everyone had been eagerly waiting on a positive regulation, only to find out, that the wordings of the crypto bill was still the same as that of last year, repeating the plans of the government to ban private crypto. However, according to new reports by NDTV, there will be a new crypto bill which is expected to be approved by the Cabinet by the end of next week.
Indian Government Passes Crypto Note, Issues Regulatory Framework
According to the Cabinet note that was circulated by the government, there will be a few changes to be made to the new crypto bill. They are highlighted below:
1. Legislation will now refer as ‘crypto assets’ and not cryptocurrency.
2. Crypto will not be recognized as a legal tender in India. At least not yet.
3. Therell be no banning of private cryptocurrency, they will only be regulated.
4. Crypto in India will be regulated by Securities Exchange Board of India (SEBI).
5. The proposed virtual currency of the Reserve Bank of India (RBI) has not been clubbed with the new bill.
6. An ultimatum will be given for those who have crypto assets, to bring them under regulated crypto exchange platforms.
7. Anyone found violating the stipulated regulations will be penalized with punishments of up to 18 months with an additional penalty of between 5 to 20 crore.
More updates will be added as soon as they are available. But for now, Indian crypto enthusiasts, and private crypto assets holders can heave a sigh of relief. For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.