India to reportedly ditch the Bitcoin ban agenda in favor of asset classification

    The tide has completely turned for the cryptocurrencies in India, as the reports have indicated the softer stance the government took towards the crypto. According to the reports, the government’s hostile stance towards Bitcoin is actually shifting towards more common-sense regulatory policies for cryptocurrencies.

    The authorities have also dropped the earlier plans for the Bitcoin ban in favor of making classification for the cryptocurrencies as an alternative asset class. The securities and exchange board of India has taken over the task of supervising the crypto policy in the country while joining forces with the finance ministry.

    The inside sources have also claimed that the Parliament will debate for the comprehensive crypto regulatory bills at the beginning of the Monsoon session, generally in July. An expert panel that the finance minister has set up is now making a deep study for the protocols on crypto regulations, and its findings can form a part of the parliamentary deliberations in the next month.

    Back in May, a technology lobby group in India, popularly known as, has urged the government to define crypto as a digital asset while avoiding adding to currencies.

    Meanwhile, the Reserve Bank of India has remained a hold back crypto critic with the central bank lately while making a declaration that its point for cryptocurrencies will remain unchanged. However, RBI has made a distance from the reports that were making it mandatory for the bank to block services regarding the crypto exchanges. Further, the Supreme Court of India has also overturned in March 2020 with a 2018 RBI ban that has completely prohibited the banks from giving the services regarding cryptocurrency exchanges.

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