Share this article
BTC
$83,422.51
+
0.76%ETH
$1,801.86
+
0.87%USDT
$0.9997
-
0.00%XRP
$2.1689
+
4.77%BNB
$596.44
+
1.03%SOL
$119.90
+
3.79%USDC
$1.0000
+
0.01%DOGE
$0.1697
+
3.03%ADA
$0.6603
+
2.97%TRX
$0.2364
-
1.65%LINK
$12.89
+
1.97%LEO
$8.9804
-
4.19%TON
$3.2995
-
2.61%XLM
$0.2569
-
0.38%AVAX
$18.24
+
0.90%SUI
$2.2589
+
2.21%SHIB
$0.0₄1230
+
0.84%HBAR
$0.1621
-
0.27%LTC
$83.27
+
0.47%OM
$6.2470
-
0.98%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
India Likely to Regulate Crypto, Not Ban It, in Upcoming Budget: Report
The government is likely to opt for regulating cryptocurrencies as an asset class, similar to commodities, with appropriate taxation of transactions and gains.
The Indian government is likely to regulate cryptocurrencies in its upcoming budget in February, moving away from its earlier approach of seeking to impose an outright ban, according to a Business Today report.
- A law covering cryptocurrencies will most likely be discussed in the country’s next general budget, the report said, citing Indian Finance Ministry officials.
- The government is likely to opt for regulating cryptocurrencies as an asset class, similar to commodities, with appropriate taxation of transactions and gains.
- India’s Finance Ministry and the Reserve Bank of India (RBI) officials are currently engaged in “fine-tuning the conceptual framework and the necessary regulations,” according to Business Today.
- In June, the New Indian Express reported the government was leaning towards classifying bitcoin as an asset class, citing industry sources, and that the Securities and Exchange Board of India (SEBI) would regulate the cryptocurrency sector.
STORY CONTINUES BELOW
Read more: India May Have Quietly Shown Its Hand on Crypto Regulation
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
