The whole crypto world along with all crypto enthusiasts from India are now buzzing about the greenlights shown towards Bitcoin (BTC). India now prepares to radiate a new bill in favor of Bitcoin. According to sources, Bitcoin (BTC) will be classified as an asset and not as a live currency.
The dark clouds over cryptocurrencies in India now slowly drifts away, along with rays of sunshine glancing.
India has officially stopped any dismissive propaganda upon Bitcoin for a time till now. Instead, it now reforms officials on creating regulations and policies for Bitcoin (BTC). The news was officially posted on The New Indian Express on Thursday. According to the source, officials are now working towards ways to classify Bitcoin (BTC) into the assets category, in terms of investments.
The finance ministry of India will set to work along with The Securities and Exchange Board of India together to formulate the crypto-based regulations. Also, further from inside sources reveal a bill be put forth for proper legalization for BTC as assets and including crypto regulators in the monsoon session of parliament next month. The panel committee set to frame the crypto regulations will be also taking place in the parliamentary discussion.
Enthusiasts Reactions and India BTC History
The news has received millions of likes among the crypto enthusiasts in India. All are eagerly waiting for more proper official announcements. Besides, supporters proclaim the committee formed for making the regulations will be at ease with BTC and other cryptos. They insist the committee push the bill towards legalization and the bill to be passed effortlessly.
India and BTC were never on good terms with each other until recent times. The Reserve Bank of India (RBI) along with the Central Bank still persists in the banning of cryptocurrencies. However, RBI has now remained silent and has distanced itself from further speculations upon crypto.
In addition, the NPCI recently turned down the ban on crypto initiated by the RBI in 2018. This acclaim of RBI to ban Crypto is to primarily prohibit banks and their services towards the crypto exchanges.
Besides, prominent crypto exchanges Kraken, Bitfinex, and KuCoin are now planning to set their foot in the Indian market.