Fun

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


The founder of Paytm, a major digital payment company in India, is "very positive about crypto." Noting that cryptocurrency is here to stay, he expects it to become a mainstream technology in a few years. Paytm Founder Is "Very Positive ... read more.‘Financial Inclusion’ — A Buzzword for Central Banks Who Secretly Despise Economic Freedom Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL Ghana"s Minority Lawmakers Reject Government Proposal to Tax Mobile Money Transactions Nigerian Artist Davido Launches Fan Token That Gives "Power Back to the Fans"

News Feed

British Security Think Tank’s Report Warns NFTs Could Bolster Money Laundering Schemes
British Security Think Tank"s Report Warns NFTs Could Bolster Money Laundering Schemes The Royal United Services Institute (RUSI), the British defense and security think tank, ques
Economist Mohamed El-Erian Predicts ‘Sticky’ Inflation Despite Federal Reserve’s Efforts to Bring it Down
Economist Mohamed El-Erian Predicts ‘Sticky’ Inflation Despite Federal Reserve"s Efforts to Bring it Down As investors examine the next move of the Federal Reserve, analysts, e
The 187,000 BTC Scam – Is Plustoken to Blame for Bitcoin’s Sell-Off?
The 187,000 BTC Scam – Is Plustoken to Blame for Bitcoin’s Sell-Off? Armchair theorists love postulating the reasons behind bitcoin’s latest price rise or sell-off. Fro
PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections
Este artículo también está disponible en español. Just hours away from the US presidential elections, PolitiFi tokens have seen a remarkable boost. The sector has experie
Price analysis 6/17: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Rakesh Upadhyay6 hours agoPrice analysis 6/17: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADABitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.2211 Total vie
Farmville Creator Zynga to Launch NFT Games, Says Gaming Firm’s Blockchain Lead
Farmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead American social game developer Zynga has plans to launch non-fungible token (NFT) games in the near
Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners
Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners Russia is preparing to provide Kazakhstan with additional energy needed to operate crypto mining farms in the C
OKX Ventures invests in Web3 ‘play ARPG to train AI’ game Blade of God X
Tristan Greene7 hours agoOKX Ventures invests in Web3 ‘play ARPG to train AI’ game Blade of God XThe game is currently available in early access on the Epic Games Store.1142 Total views5 Total sharesListen to article
Nigerian Blockchain Advocacy Group Says ‘Crypto Is Legit’ — Calls for Regulation of Industry
Nigerian Blockchain Advocacy Group Says "Crypto Is Legit" — Calls for Regulation of Industry The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Ass
Gareth Jenkinson10 hours agoConsenSys launches Linea zkEVM to further scale EthereumConsenSys rolls scaling network Linea, which delivered faster throughput and 15 times lower transaction costs than Ethereum’s layer 1.
Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies
Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira,
Core Everscale Developers Broxus to Host Elysium Hackathon in Belgrade and Online
Core Everscale Developers Broxus to Host Elysium Hackathon in Belgrade and Online press release PRESS RELEASE.Broxus, the core development team behind many of the platforms that mak