India could soon classify Bitcoin as a regulated ‘asset’ |

Bitcoin has been the talk of the town over the past few months. With a market cap of over US$100 billion, it is now the most valuable cryptocurrency in the world. It is also among the most controversial assets. After the Reserve Bank of India (RBI) made a decision to classify Bitcoin among “securities”, it was bound to cause some controversy.

A controversial new draft of a bill proposed by the Indian government could soon classify bitcoin as a regulated “asset”, allowing Indian banks to clear transactions and make businesses accept the digital currency. The draft, named the “Bitcoin (Unlawful Activities) Bill, 2017” (BAUAB 2017), was previously rejected by the Indian Parliament in April 2017. Now, the Indian government is considering amending the bill to bring it back on the table.

India’s central bank, Reserve Bank of India, is reportedly planning to launch a new mechanism to regulate virtual currency. This comes after the government took a major step in this direction when it allowed bitcoin exchanges to begin trading in cryptocurrencies in the country.

Indian lawmakers reportedly want bitcoin to be classified as a regulated asset by the Securities and Exchange Board of India (SEBI), local newspaper New Indian Express reported this morning.

Is bitcoin regulation on the way?

SEBI should oversee bitcoin in India and classify it as a regulated asset. Until now, bitcoin was in a legal grey area in the country and could not be used as a local currency. However, the investor’s gain is treated as a capital gain and taxed accordingly. The move comes shortly after the Central American country of El Salvador legalized bitcoin as a legal currency on par with the U.S. dollar, meaning the decades-old asset can be traded for goods and services, just as the dollar was before. According to sources quoted in the report, the crypto currency regulation bill is likely to be tabled in parliament during the monsoon session. Industry insiders support these sources: We can definitely say that the new committee dealing with cryptocurrencies is very optimistic about the regulation and legislation of cryptocurrencies, said Ketan Surana, director and CFO of cryptocurrency exchange Coinsbit and member of the Internet and Mobile Association of India. He added: A new draft will soon be submitted to the Cabinet, which will evaluate the overall scenario and take the best possible action. We really hope that the government will embrace cryptocurrencies and blockchain technology.

Main problems

The report comes weeks after Shaktikanta Das, governor of the Reserve Bank of India, the country’s central bank, said the government was studying the rules for integrating cryptocurrencies into the broader economy and taking steps to mitigate potential risks. However, in a separate statement, he said that serious concerns remain and that the government is aware of the negative aspects of cryptocurrencies. Nevertheless, any regulation would be a positive development for one of the world’s most populous but economically disadvantaged countries.

Gaining an advantage in the crypto asset market

As a paying member of Edge, you have access to a deeper understanding of cryptocurrencies and context in each article. Chain Analysis Price snapshots More context Join now for $19/month View all benefits India could soon classify Bitcoin as a regulated ‘asset’ |

Do you like what you see? Sign up for updates.

The Reserve Bank of India (RBI), the country’s central bank, has been working on a draft regulation to recognize cryptocurrencies as a legitimate financial instrument. Some cryptocurrency enthusiasts believe the move could lead to more adoption in the country.. Read more about is pi network legal in india and let us know what you think.

Related Tags:

forsage is legal or illegal in indiais cryptocurrency legal in indiais pi network legal in indialegal cryptocurrency exchange in indiabitcoin pricehow to mine bitcoin in india,People also search for,Privacy settings,How Search works,forsage is legal or illegal in india,is cryptocurrency legal in india,is bitcoin mining legal in india,is pi network legal in india,legal cryptocurrency exchange in india,bitcoin price,how to mine bitcoin in india,crypto exchange license india

Get in Touch

Related Articles

Ray Dalio Says if Successful, Bitcoin Will Be Killed by Authorities

Ray Dalio, the billionaire founder of Bridgewater Associates, believes that if Bitcoin were to become successful, authorities would kill it. Ray Dalio, the founder of...

QTUM Coin – Ultimate Cryptocurrency Guide for 2018

QTUM is a project with the mission of providing blockchain technology to mobile devices. It was founded by the Chinese company, Alibaba Group Holding...

Bitcoin Has Tapped $50K Since May; Total Market Capitalization Turns $943B

Bitcoin has reached $50,000 in value since May and the total market capitalization of cryptocurrencies is now at $943 billion. The price surge is...

Latest Posts

Ray Dalio Says if Successful, Bitcoin Will Be Killed by Authorities

Ray Dalio, the billionaire founder of Bridgewater Associates, believes that if Bitcoin were to become successful, authorities would kill it. Ray Dalio, the founder of...

QTUM Coin – Ultimate Cryptocurrency Guide for 2018

QTUM is a project with the mission of providing blockchain technology to mobile devices. It was founded by the Chinese company, Alibaba Group Holding...

Bitcoin Has Tapped $50K Since May; Total Market Capitalization Turns $943B

Bitcoin has reached $50,000 in value since May and the total market capitalization of cryptocurrencies is now at $943 billion. The price surge is...

How to Buy Ark Coin: Using Coinbase and Binance

Ark is a platform that runs on its own blockchain. It allows for the creation of dApps and smart contracts, which are then run...

Kusama Parachains, a Cause For KSM to 2X Towards $900?

Kusama Parachains is a decentralized platform that allows individuals to share their unused processing power and earn cryptocurrency for doing so. The project was...