Government may allow Crypto as Asset not Currency 

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.

A source said, there’s a potential that the committee will examine the legislation in the next two to three weeks.

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.

in the last week, Prime Minister Narendra Modi initiated a meeting to examine the future of cryptocurrencies among firms that tangled crypto markets may remain used for money laundering and fear financing.  As of May 2021, India’s digital currency market stood at $6.06 billion as compared with $923 million in April 2020.

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *