How India intends to ditch the Ban on Bitcoin
If reports coming out of India is anything to go by, it appears that Indian officials are no longer interested in pushing for a ban on Bitcoin but rather a Cryptocurrency regulatory bill to harmonize the digital asset may be up for debate.
This represents a more soft approach by Indian govt towards Cryptocurrencies, sources indicate that they are in favor of classifying Cryptocurrencies as alternative asset class. Furthermore, the Securities and Exchange Commission Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.
Insider Sources reveal that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning July. An expert panel created by the Finance ministry is reportedly studying protocols for crypto regulation.
Meanwhile, this new development is not without obstacles as the Reserve Bank of India remains a staunch crypto critic with the Central Bank recently stating that it’s position on Cryptocurrencies remains unchanged.
Following the adoption of Bitcoin as a legal tender in El Salvador few days ago, it’s no surprise that many countries will key into this new development. India legalizing Bitcoin and Cryptocurrencies will obviously change the fortunes of crypto enthusiasts in the long run. These are positive signs indicating and supporting our previous position that the bullish season isn’t done yet.
Prepare for the bumpy ride ahead in Crypto!