According to reports, India will abandon Bitcoin ban to support asset classification

India’s cryptocurrency trend may eventually turn, as reports indicate that the government’s stance on cryptocurrencies is more moderate.

According to a report As reported by the New India Express on Thursday, the government’s hostile stance on Bitcoin (Bitcoin) Seems to be shifting to a more common-sense cryptocurrency regulatory policy.

According to internal sources cited in the publication, the authorities have abandoned their earlier plans to ban Bitcoin and instead classify cryptocurrencies as alternative asset classes.

According to reports, the Securities and Exchange Commission of India will work with the Ministry of Finance to oversee the country’s encryption regulations.

These insiders also claimed that Parliament will discuss a comprehensive encryption regulation bill during the monsoon meeting starting in July. According to reports, an expert group set up by the Ministry of Finance is studying the encryption regulatory agreement, and its findings may become part of parliamentary deliberations next month.

Commenting on the positive signs of crypto regulation, Ketan Surana, a member of the Internet and Mobile Association of India, said:

“We can say with certainty that the new committee dedicated to cryptocurrency is very optimistic about cryptocurrency regulation and legislation.”

As early as May, India’s technology lobby group Indiatech.org urged the government Define encryption as a digital asset rather than a currency.

At the same time, the Reserve Bank of India remains a staunch cryptocurrency critic, and the Central Bank recently stated The position on cryptocurrencies remains unchangedHowever, the Reserve Bank of India Alienate According to reports, it asked banks to block services to cryptocurrency exchanges.

In fact, the Supreme Court of India overturned the 2018 Reserve Bank of India injunction in March 2020, which prohibits banks from providing services to cryptocurrency exchanges.As previously reported by Cointelegraph, the three major cryptocurrency exchanges — Kraken, Bitfinex, and KuCoin — are seeking Enter the Indian market.