Report - regulation Bitcoin News
Report - regulation Bitcoin News
India reports reportedly on a new path to regulate cryptocurrencies. "The government plans to define cryptocurrencies in the new draft law, which also proposes to divide virtual currencies according to their applications," says a report.
How India will regulate cryptocurrencies
According to reports, India plans to regulate cryptocurrencies as raw materials based on applications. "The government plans to define cryptocurrencies in the new draft law, which also suggests to dividing virtual currencies on the basis of its applications," said Economic Times on Friday, citing three people who were aware of development. The publication detailed:cryptocurrencies are treated as asset/goods for all purposes, including taxation and depending on the application - payments, investments or benefits.
"crypto-assets can either be categorized or defined according to their final use. The person added that the government "does not want to allow payments and billing on virtual currencies".
In addition, the government will decide which cryptocurrencies can be traded in India.
This would be the first time that cryptocurrencies are categorized according to the technology they use, said sources of the news agency and made it clear that the government would concentrate on the final use of the asset for regulatory purposes.
The news that the Indian government may consider regulating cryptocurrencies as raw materials and based on their applications is well received by the local crypto community.
nishal Shetty, CEO of the Wazirx crypto tour, said: "This step is very positive for the crypto industry and I am pleased that the government will take this direction in the direction of cryptor regulation. This will bring more clarity for the entire industry. would like to strengthen trust for private investors and dealers.
Vikram subburaj, CEO of the crypto exchange Giottus, said: "Just like the Internet, cryptocurrencies have a variety of applications and therefore a nuanced approach is better than a uniform directive. Even among the top 20 cryptocurrencies, there are big differences in objectivity and attractiveness for investors."
Edul Patel, CEO of Mudrex, commented: "The idea of dividing cryptos according to their applications is well thought out and would give a significant thrust if the newly recognized investment class is efficiently implemented. It also shows that the government is much more recognizable than speculative instruments and actual applications."
Do you believe that the Indian government will regulate cryptocurrencies as described above? Let us know in the comment area below.
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