New Delhi . The government is going to take a decision soon regarding cryptocurrencies including bitcoin. For this, work is also going on on a new law. In view of the increasing popularity and trend of cryptocurrencies, the government is considering other alternative options instead of banning it.
The Government of India has decided to take a different approach on Crypto. Cryptocurrency will not be allowed as currency in India. This means that if someone has a crypto currency like bitcoin or ethereum, they can keep it like shares, gold or bonds, but cannot use it as a currency for payment.
Government finalizing the law
People involved in this matter have had a meeting with the government in which it has been decided that cryptocurrency exchanges and trading platforms will not be allowed to promote cryptocurrencies like bitcoin. People associated with this matter have told that the government is busy finalizing a bill in the matter of crypto.
No bitcoin payment
The Modi government is preparing the rules for crypto trading in the country. In India, the government is going to ban payment transactions through virtual currency. The crypto bill is being finalized in this regard. A government source said about this, “People in the country will be able to keep crypto as an asset like gold, shares or bonds. It is clear that active solicitation will not be allowed to crypto exchanges and trading platforms.
SEBI may get the responsibility
The government is making legislators for cryptocurrency regulations, which can be presented for cabinet approval in the next two-three weeks. The responsibility of regulation of cryptocurrencies can be given to the capital market regulator Securities Exchange Board of India, although a final decision has not been taken yet.
work is also being done on tax
The Government of India is also currently working on issues related to taxation of crypto and this may also be mentioned in the coming MLA. The government can introduce a bill related to cryptocurrency in the winter session of Parliament. Earlier also it was reported that the Government of India is trying to find a middle ground on the issue of cryptocurrency and it is in no mood to ban it in the country.