media: India drafts cryptocurrency legalization bill – Bits Media

Indian government has softened its attitude towards bitcoin and intends to develop regulation, according to which cryptocurrencies will be considered an alternative asset class.

According to local media reports, Indian authorities revised their position regarding cryptocurrency, abandoning their complete prohibition. In July, the parliament will discuss the bill on the regulation of cryptocurrencies, According to which digital currencies will be regarded as an alternative class of assets.

A group of experts, created by the Ministry of Finance of India, I have already begun the development of provisions for regulating the cryptocurrency industry, which will also be submitted to parliamentary discussions next month.

Council of securities and exchanges of India will be regulated by crypto assets in the country (SEBI) Together with the Ministry of Finance. Member of the Association of Internet and Mobile Communications India (I'm) Ketan Suran (Sticky rice surana) called this a positive signal for the development of the industry in the country.

“We can say with confidence, that the new committee is optimistic about cryptocurrencies. This will appropriately affect the legislation and soften the regulation of the industry ", Surana said.

Reserve Bank of India (RBI) Recently stated, that he still has serious doubts about cryptocurrencies. However, last week the TPB reported, which does not prohibit commercial banks to serve cryptocurrency firms. Rbi called on banks not to refer to the ban on cryptocurrencies from 2018 of the year, which was canceled in March 2020 year by the Supreme Court of India.

Considering, that the atmosphere in the country is becoming more friendly to cryptocurrencies, recently Kraken trading platforms, Bitfinex and Kucoin announced plans to enter the Indian market.

Many cryptocurrency exchanges and firms opposed the prohibition of digital currencies in India, Including Indian billionaire Nandan Nilekani (Nandan Nilekani). He is convinced, that cryptocurrencies should be considered a new class of assets, since huge capital flows into them.