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India’s Cabinet Note Indicates No Crypto Ban — Government Will Regulate Crypto Assets: Report

News Feed - 2021-12-04 12:12:45

India"s Cabinet Note Indicates No Crypto Ban — Government Will Regulate Crypto Assets: Report


India is no longer planning to ban cryptocurrency, a cabinet note circulated by the government reportedly indicates. Activities relating to crypto assets will be regulated by the Securities and Exchange Board of India (SEBI). Crypto Will Not Be Banned in India, Cabinet Note Indicates


Despite reports of the Indian government planning to ban cryptocurrencies, NDTV reported Thursday that a cabinet note circulated by the government indicates that cryptocurrencies, like bitcoin and ether, will not be banned.


Emphasizing that cryptocurrency is not recognized as legal currency in India, the publication noted: The legislation also describes cryptocurrency as cryptoasset.


According to the cabinet note, crypto exchange platforms will be regulated by the Securities and Exchange Board of India (SEBI), the regulatory body for securities and commodity markets in India under the jurisdiction of the Ministry of Finance.


In addition, “A cut-off date will be prescribed for those having cryptoassets to declare and bring under the crypto exchange platforms — which will be regulated by the market regulator,” the publication added, elaborating: All those found violating the exchange provisions will be penalized with a criminal imprisonment of up to one and a half years.


In addition, the regulator may levy penalties in the range of 50 million rupees to 200 million rupees ($2.67 million).


Anyone using crypto assets for terror-related activities will be punished under the provisions of the Prevention of Money Laundering Act (PMLA).


Furthermore, India’s central bank digital currency (CBDC) has not been clubbed with the new crypto legislation, the news outlet noted. The country’s central bank, the Reserve Bank of India (RBI), is currently working on a digital rupee model that is expected to be unveiled by year-end.


Earlier this week, India’s finance minister, Nirmala Sitharaman, answered some questions in both Lok Sabha and Rajya Sabha, the two houses of India’s parliament. She said that the crypto bill needed to be reworked but did not say whether cryptocurrencies, like bitcoin and ether, will be banned. Tags in this story cabinet note, crypto bill, cryptocurrency bill, Cryptocurrency regulation, Finance Minister, India, india crypto regulation, indian crypto regulation, parliament, RBI, sebi


Do you think India has totally scrapped its plan to ban cryptocurrencies like bitcoin and ether? Let us know in the comments section below. US Treasury Secretary Yellen Says She"s Undecided Whether the Fed Should Issue Digital Currency REGULATION | 5 hours ago Russia to Decide Fate of Crypto Exchangers in 2022 REGULATION | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRenowned Poker Star Doug Polk Becomes Coinflex’s First Global Brand Ambassador Next articleUS Treasury Secretary Yellen Says She’s Undecided Whether the Fed Should Issue Digital Currency Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPaytm Founder: Crypto Is Here to Stay and Will Become Mainstream in 5 Years


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