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According to reports, India is considering only allowing pre-approved cryptocurrencies to be listed and traded on exchanges. In addition, the government’s goal is to introduce and pass a cryptocurrency law before the end of the year.

Indian crypto regulation and pre-approved cryptocurrencies

Reuters reported on Thursday, citing two sources familiar with the discussion, that India is considering only allowing “government pre-approved” cryptocurrencies to be listed and traded on exchanges.

The source stated that the approval process was deliberately cumbersome to prevent investors from holding cryptocurrencies, adding that the government is unlikely to pass its early Plan forbidden Cryptocurrency. The publication quoted one of the sources as saying:

Only the government approves the coin to be traded, otherwise the possession or trade may be punished.

In addition, a number of Indian news media reported that the government may introduce a cryptocurrency bill during the winter session of the parliament. Each cited an unnamed source. The winter meeting is scheduled to start on November 29 and is expected to last until December 23.

CNBC-TV18 reported last week that Treasury officials are trying to “Expressway“The revised cryptocurrency bill. The Mint reported this week that once the coalition cabinet approves the cryptocurrency bill, the government plans to introduce it in the first week of the winter meeting. However, Reuters wrote on Thursday:

The government’s goal is to introduce and pass a cryptocurrency law at a parliamentary meeting starting this month.

Even Indian Prime Minister Narendra Modi (Narendra Modi) has joined the cryptocurrency.Thursday, he urge All democracies work together to ensure that cryptocurrencies, including Bitcoin, “will not fall into the wrong hands, which will ruin our youth.” This is his first public speech, specifically mentioning cryptocurrency and Bitcoin.

Last week, the prime minister Host A comprehensive conference on cryptocurrency after consultation with the Central Bank, Reserve Bank of India (RBI), Ministry of Finance and Ministry of Interior.

Following the meeting of Prime Minister Modi, the Standing Committee on Finance of the Indian Parliament convened Meet the experts From the field of encryption. This is the first time that India has held parliamentary discussions on the broad topic of crypto finance involving the industry. The committee subsequently called on the government to resolve its concerns about cryptocurrencies.

What do you think of the Indian government’s plan to regulate cryptocurrency? Please let us know in the comments section below.

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