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According to reports, a cabinet document distributed by the Indian government shows that India no longer plans to ban cryptocurrencies. Activities related to crypto assets will be regulated by the Securities and Exchange Commission of India (SEBI).
Cryptocurrency will not be banned in India, the cabinet notice stated
although report The Indian government plans to ban cryptocurrencies. NDTV reported on Thursday that a cabinet document distributed by the government stated that cryptocurrencies such as Bitcoin and Ethereum will not be banned.
The publication emphasized that cryptocurrencies are not recognized as legal tender in India, and pointed out:
The legislation also describes cryptocurrencies as encrypted assets.
According to cabinet documents, cryptocurrency trading platforms will be supervised by the Securities and Exchange Commission of India (SEBI), which is the regulator of Indian securities and commodity markets under the jurisdiction of the Ministry of Finance of India.
In addition, the publication added: “For those who own crypto assets, a deadline will be set and included in the crypto exchange platform – this will be regulated by market regulators,” the publication added, detailing:
Anyone found to have violated the exchange regulations will be sentenced to criminal imprisonment of up to one and a half years.
In addition, regulators may impose fines ranging from 50 million rupees to 200 million rupees (US$2.67 million).
According to the “Prevention of Money Laundering Act” (PMLA), anyone who uses encrypted assets for terrorist activities will be punished.
In addition, the news media pointed out that India’s Central Bank Digital Currency (CBDC) is not subject to the new encryption legislation.The country’s central bank, the Reserve Bank of India (RBI), is currently studying Digital rupee A model that is expected to be launched at the end of the year.
Earlier this week, Indian Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) Reply Some issues with Lok Sabha and Rajya Sabha in both houses of the Indian Parliament.She said that the cryptocurrency bill requires Rework It did not say whether cryptocurrencies such as Bitcoin and Ethereum will be banned.
Do you think India has completely cancelled its plan to ban cryptocurrencies such as Bitcoin and Ethereum? Please let us know in the comments section below.
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