When it comes to Bitcoin bans, the first country that comes to mind after China is India. Will Bitcoin be banned in the country, which has come to the fore with its harsh criticisms of cryptocurrencies many times? While his questions continued to be discussed, a heart-warming statement came.
A CNN reporter in India stated that the government will not ban cryptocurrencies with the new crypto money bill, but plans to introduce some regulations for it.
According to the information obtained, Bitcoin and cryptocurrencies will be defined as an asset class in the new draft law. At this point, it is stated that cryptocurrencies are likely to be put into commodity status.
A while ago, it was stated that cryptocurrencies could be banned in the news, cited by sources close to the government, and panic sales increased in India. However, according to the latest news, the government’s will to regulate Bitcoin rather than ban it comes to the fore.
It is stated that the Indian government will focus on combating the illegal use of cryptocurrencies, rather than a wholesale ban, and aim to increase the functionality of KYC/AML mechanisms in the country.
At this point, taking strict measures to prevent the illegal use of cryptocurrencies seems much more beneficial than a collective ban.
Speaking on CNBC’s Squawk Box Asia program, an Indian stock market executive said, “We see that there is some sort of regulation search based on the messages and perceptions we receive from the government. A strict regulation will come, but it is not a complete ban.” said.
#breaking | #Exclusive | Top Government Sources on Cryptocurrency Regulation: There is no ban on #Crypto. A regulation mechanism will be in place so that it’s not misused. #CryptoNews
(Exclusive Input: @manojkumargupta)@maryashakil shares more details with @JamwalNews18 pic.twitter.com/s8LzFXjNgo
— News18 (@CNNnews18) November 24, 2021