Breaking: Indian Government Confirms Crypto Regulation Amid Ban Speculations
IndianDespite numerous claims from various sources that India might outrightly ban crypto, the Indian Government has just confirmed otherwise. In fact, before now, there has been an air of anxiety in the Crypto industry as everyone had been eagerly waiting on a positive regulation, only to find out, that the wordings of the crypto bill was still the same as that of last year, repeating the plans of the government to ban private crypto. However, according to new reports by NDTV, there will be a new crypto bill which is expected to be approved by the Cabinet by the end of next week.
Indian Government Passes Crypto Note, Issues Regulatory Framework
According to the Cabinet note that was circulated by the government, there will be a few changes to be made to the new crypto bill. They are highlighted below:
1. Legislation will now refer as ‘crypto assets’ and not cryptocurrency.
2. Crypto will not be recognized as a legal tender in India. At least not yet.
3. There’ll be no banning of private cryptocurrency, they will only be regulated.
4. Crypto in India will be regulated by Securities Exchange Board of India (SEBI).
5. The proposed virtual currency of the Reserve Bank of India (RBI) has not been clubbed with the new bill.
6. An ultimatum will be given for those who have crypto assets, to bring them under regulated crypto exchange platforms.
7. Anyone found violating the stipulated regulations will be penalized with punishments of up to 18 months with an additional penalty of between 5 to 20 crore.
More updates will be added as soon as they are available. But for now, Indian crypto enthusiasts, and private crypto assets holders can heave a sigh of relief.
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- BitMine’s Tom Lee Calls Dip Golden Opportunity as Trump Sets Meeting With China on U.S. Tariffs
- Solana Price Faces Bearish Pressure — Analyst Notes Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
