India made a decision on cryptocurrencies: new rules

The Indian government has decided not to ban cryptocurrencies, but to regulate the sector.

According to Cointelegraph, Indian crypto investors will be given some time to announce their crypto holdings, after which they will have to hold their assets on SEBI regulated crypto exchanges.

The news that the Indian government is considering creating an official digital currency and banning all other cryptocurrencies has sparked panic sales on the local crypto exchange WazirX. And the vague wording of the bill and the lack of clarification from the government has since left many observers divided over the prospects for cryptocurrency in India.

But on December 2, reports emerged that a note to the bill introduced proposals to regulate cryptocurrencies as cryptoassets, while the Securities and Exchange Commission of India (SEBI) will oversee the regulation of local crypto exchanges.

Investors will be given a certain amount of time to declare their crypto holdings and will have to transfer them to SEBI regulated exchanges, which suggests that private wallets may be prohibited.

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