Things look brighter in India for cryptocurrency enthusiasts after El Salvador’s historic move to legally accept Bitcoin (giving it full currency status)
After El Salvador’s historic move to legally accept Bitcoin (giving it full currency status), things look brighter in India for cryptocurrency enthusiasts.
According to a report in the New Indian Express, the best sources following the industry said that the government has moved away from its previous hostile attitude towards virtual currencies and will likely identify Bitcoin as an asset class in India soon.
India’s crypto industry is in talks with the finance ministry on formulating a new set of regulations, and industry sources point out that experts in the ministry are looking into the matter. Additionally, it seems likely that a “ Cryptocurrency Regulation” bill will be tabled in the Parliament .
However, as it is known, in the previous days, RBI Chairman Shakthikanta Das reiterated that there were concerns conveyed to the government about digital currencies.
“Optimistic about Legislation”
Ketan Surana, Director of Coinsbit and Member of the Internet and Mobile Association of India, said:
“We can certainly say that the new committee working on cryptocurrencies is very optimistic about cryptocurrency regulation and legislation… A new draft proposal will soon be in the Cabinet that will examine the overall scenario and take the best step forward.”
A document published by Indiatech.org shows that it is more realistic for India to adopt Bitcoin as an alternative asset class. The research pointed out that due to the volatile nature of digital currencies, they cannot be used regularly as a means of payment.
Blockchain and crypto investment expert Hitesh Malviya said, “I think the Indian government will discover a way to regulate Bitcoin. I don’t think India will legally accept Bitcoin in the near future as it will affect the position of the Indian rupee. “Accepting Bitcoin legally is a good idea for countries that do not have their own currency or are dependent on the US dollar.”