India won't ban private cryptocurrencies, but will regulate them instead: NDTV report
Indialooks set to regulate cryptotrading, rather than slap an outright banon digital currencies as feared.
- People should declare their crypto assets and put them on an exchange, the government suggested, according to an NDTV report.
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Crypto fans in India can breathe a bit easier, as the country's government looks ready to bring in
Lawmakers in India's lower house last week introduced a bill to prohibit "all private cryptocurrencies" in the country, except for some tokens with useful underlying technology.
Bitcoin prices slid on local exchanges, as crypto holders faced the prospect of their holdings becoming outlawed.
The note said the proposed
There will be a deadline for people to declare their crypto assets and put them on existing exchange platforms, it said.
Those crypto exchanges should be overseen by the market regulator, the Securities and Exchange Board of India, it said.
The government suggested any violation of the rules could be punished with prison terms of up to 18 months, or by fines imposed by the SEBI. The penalties could reach as high as 20 crore rupees, equivalent to about $2.6 million dollars.
As lawmakers hammer out India's regulatory approach to cryptocurrencies, its central bank is planning to test a "digital rupee" in the next few months. That central bank
The cabinet note quashed any hope that a private cryptocurrency will be recognized as legal tender in India.
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