India Decided to Revise the Bill to Ban Cryptocurrencies
The Indian government has nevertheless decided that regulating cryptocurrency assets is perhaps better than banning them. According to Bloomberg, in the near future they intend to amend the draft law banning cryptocurrencies, taking into account the possibility of regulating this class of assets.
The bill “On cryptocurrencies and regulation of official digital currencies” was submitted for consideration, but was never presented to parliament.
Apparently, the reason is that the government with regulators and other stakeholders decided to revise the document.
At the moment, there is a discussion about whether they should ban the trading of cryptocurrencies in India, whether they can be regulated instead of a complete ban, as well as what types of activities in the industry to allow and which ones to prohibit.
From April 2021, Indian companies are required to report digital asset transactions, volume, and “any person” advances and deposits.
To prevent the ban of cryptocurrencies in India, IndiaTech.org has developed a solution system that includes a lot of tracking and reporting, and also proposed to assign cryptocurrencies the status of assets equated to gold and stocks.