India Will Regulate Cryptocurrencies Instead of Banning Them: Report
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Dec. 3, 2021
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Indian citizens will be required to disclose information about their digital assets and transfer them to crypto platforms regulated by the country's Securities and Exchange Board (SEBI).

According to NDTV, this has been stated in a note attached to the government's pending crypto bill.

Non-custodial wallets could reportedly be banned as a result of the authorities' fight against money laundering and terrorism financing.

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At the moment, the information about the ban on "most private cryptocurrencies," which has caused short-term panic on local cryptocurrency platforms, has not been confirmed.

The document proposes to treat cryptos as assets and not consider them as legal tender, and to empower SEBI to supervise local crypto exchanges.

The government will suspend the joint development of the country's CBDC with the Reserve Bank of India (RBI) and focus on regulating the cryptocurrency industry.

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