New Delhi: The Indian government is planning to legalize cryptocurrencies in view of the growing popularity of it. Prime Minister Modi met senior officials last week to discuss cryptocurrencies. The central government is poised to take a decisive decision on cryptocurrencies in the winter session of the Parliament starting November 29.
According to media sources, the government will not give monetary status to cryptocurrencies, but they can be classified as assets like bonds, gold and stocks. According to the report, important decisions on cryptocurrency regulation could be made in the winter session. A roadmap is said to have been set up by the Ministry of Finance, the Ministry of Information and Broadcasting and the Ministry of Law. The government’s proposed law would legalize crypto trading, but virtual money would not be accepted as a form of payment or transaction.
According to the source, intensive work on crypto law is currently underway and will be completed in the next 2-3 weeks. Cryptocurrencies may be regulated by SEBI, while no final decision has been taken in this regard. Now it is being decided whose institution will rule it. The crypto law also claims to include details on the taxation of earnings from cryptocurrency investments. Given its popularity and acceptance, most government representatives have advised against banning cryptocurrencies.