Bitcoin might soon become an official asset class in India.
According to one official, who requested not to be named, once it becomes official, the Securities Bond Exchange Board (SEBI) will manage the regulatory side of cryptocurrencies.
The unnamed official also added that India’s finance ministry has already started holding talks on some of the biggest names in the crypto industry to discuss regulatory matters.
The Indian parliament, on the other hand, is planning to roll out a regulatory bill that aims to implement new rules in cryptocurrency regulations.
A new position towards bitcoin
Hitesh Malviya, a blockchain and crypto investment expert said: “In my opinion, the Indian government will explore a way to regularize bitcoin.”
The speculation is highly possible given that the government has used a different method to control and restrict the flow of bitcoin in the country before.
In 2018, the Reserve Bank of India (RBI) has released an order banning banks from dealing with any cryptocurrency-related transactions.
But recently, in a surprising move, RBI announced that their order would not have an effect anymore, hinting that the Indian government would have a policy shift towards cryptocurrencies, especially on bitcoin.
Following El Salvador Big Move
If these speculations will push through, India will become the next country, after El Salvador, to make a giant leap in bitcoin adoption.
Recently, El Salvador made a bombshell announcement of making bitcoin the country’s legal tender and tapping its volcanoes to power its upcoming bitcoin operations.
Though India’s plans are not as grand as El Salvador’s, it can still be considered as big given India’s economic side and influence.
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