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Economic Times Reports India To Ban Crypto As Payment Method But Will Allow Crypto To Be Held Like Stocks

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The Indian government will ban the use of cryptocurrencies as payments but will allow them to be traded and held as assets like stocks, gold, or bonds.



Economic Times reports, Indian authorities are finalizing a draft law on the regulation of cryptocurrencies. It is assumed that in the next two to three weeks.

ET writes:

“The government is unlikely to shut the door on cryptocurrencies and instead take a nuanced approach. They may not be permitted as currency to settle transactions and make payments but could be held as an asset like shares, gold or bonds.”

 

The government intends to introduce a crypto regulation bill in the parliament’s winter session, details of which are being finalized. The bill seems to have shifted away from the previous plans to fully ban crypto in the country.

The bill also asks for a ban on active advertising by crypto companies, including exchanges and trading platforms.

The government is also working on taxing cryptocurrencies and it is expected that the upcoming law will solve this problem.

The Cabinet believes that the steps taken in relation to cryptocurrencies should be active, progressive, and forward-looking since it is an evolving technology, but crypto should be controlled to avoid illegal means of money transfer, a person familiar with the discussion told Economic Times.

On Monday, November 15, the Indian parliamentary finance committee met with representatives from the crypto industry. According to The Economic Times, parliamentarians also supported the idea of ​​regulation instead of a complete ban.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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