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Cryptocurrency

17 Nov 2021

India to Prohibit Crypto Transactions, Permit Holding as Assets

The Index Today

India may bar cryptocurrency transactions for making payments, but will allow them to be bought as assets similar to gold, shares and bonds.

The government has said the new approach will avoid complete ban of digital currencies. However, officials are still in favor of banning crypto currency companies to transact or attract new investors on their platforms. Many leading members of the crypto community have come forward to seek resolution from authorities and allow crypto to be considered as an asset instead of a currency. This will help avoid a complete ban and also allow the digital trend to gain more acceptance.

Prime Minister Narendra Modi held a meeting recently to discuss digital currencies and regulations. Most concerns were for regulation of the crypto market and how it can be used to launder money or fund illegal platforms. The government aims to be progressive and forward-looking, but at the same time be proactive and cautious.

The Securities and Exchange Board of India SEBI will announce a regulator for the crypto market. The Reserve Bank of India has also shown little acceptance of cryptocurrencies, saying it could lead to economic instability. According to Chainalysis, the country has a digital market value of $6.6 billion, up from $923 million last year.

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