Government may allow Crypto as Asset not Currency
Basically, cryptocurrency remains a form of digital currency. Moreover, it has been secured by cryptography. There a several types of crypto assets in the market. Litecoin, Ripple, Bitcoin, and Ethereum are the known assets. Now, the government remains don’t want to ban digital currencies. Moreover, it will take a refinement approach.
According to the source, the center might not turn it as a currency to settle transactions and make payments. Yet, it could remain treated as an asset like bonds, shares, and gold.
In preparation for the crypto-asset trading law, the government will forbid the use of virtual currencies for transactions and payments.
Nevertheless, a final decision has yet to be made on whether to designate the Securities and Exchange Board of India (Sebi) as the regulator. However, negotiations over regulations remain ongoing.