Indian government will consider three options for regulating cryptocurrencies – Bits Media

An anonymous source of Bloomberg Quint reports, that the Indian authorities are considering possible ways to ban or regulate cryptocurrencies in the country.

According to the source, Indian authorities are negotiating with financial regulators and cryptocurrency participants industry regarding the provisions of the bill. Documents, in fact, offers a complete ban on digital assets circulation in the country. However, so far the lawmakers have not decided, Will the bill adopted in this form, either an alternative approach will be developed.

Three approaches are currently being considered. The first is a complete ban on cryptocurrencies. In the second version, the authorities consider the introduction of cryptocurrency regulation. And in the third approach it is proposed to allow certain actions with cryptocurrencies, And the rest are banned. Anyway, If you do not prohibit cryptocurrencies, then the authorities of India need to develop a standardized paradigm of regulation of digital assets.

It was supposed, that the bill on the regulation of cryptocurrencies in India will be submitted to the parliament next month. However, the source reports, that this is unlikely.

Previously reported, that Indian lawmakers softened the attitude to bitcoin and prepare a bill to regulate cryptocurrencies. Looks like, that several documents are being developed in the country, One of which involves the ban of cryptocurrencies.