India to regulate Crypto as asset but may Ban payments – report
India is likely to regulate crypto as an asset – much like stocks, bonds or gold – but may ban the use of cryptocurrencies as payments, according to a report by the Economic Times, citing sources.
Details of the bill are still being finalized, a government source told , with draft legislation expected to be taken to the Cabinet for consideration in the next two to three weeks.
The report also said the country’s top securities regulator – the Securities and Exchange Board of India (SEBI) could be designated as the regulator for crypto, although a decision is yet to be taken.
India has softened its stance on crypto in recent months, after a top court in the country overturned an outright ban on it in March 2020. On Monday this week, Indian crypto industry representatives including Binance-owned WazirX met with the government for discussions. Exchanges are pushing for a regulatory sandbox, within which regulations may be fine-turned, according to a report.