Bitcoin in India will be legalized as an Asset Class

Kataryna Habeliia June 11, 2021

Bitcoin legalized in India as an asset class

Bitcoin in India will be legalized. This is reported by New Indian Express, citing its sources. The Indian government has revised its negative attitude towards cryptocurrencies and is likely to classify Bitcoin as an asset class soon.

After that, the Securities and Exchange Commission of India (SEBI) will control the digital currency regulation, the sources said. According to them, the bill on cryptocurrencies will be submitted to parliament from June to September. Representatives of the country’s crypto industry are in talks with the Ministry of Finance to develop new rules. A group of experts from the department is studying the issue.

Earlier, experts from the Internet start-up association proposed to the government to recognize bitcoin and other cryptocurrencies as digital assets in their project to regulate the industry. In May, Indian media reported that officials admitted this possibility.

Earlier, the Reserve Bank of India (RBI) reminded financial institutions to lift the ban on cryptocurrency transactions. At the same time, the head of the regulator Shaktikanta Das said that the department remains critical of assets.

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