Cryptocurrency Regulation Bill likely to be put forward in the oncoming Monsoon Session of Parliament
India may soon classify bitcoin as an asset class, according to a report, after it initially took an unwelcoming view of the digital currency.
Industry sources have suggested, according to a report from The New Indian Express, that the government will make moves soon while the Securities and Exchange Board of India (SEBI) will oversee regulations as the classification for bitcoin is changed.
The report added that India’s crypto experts have held talks with the finance ministry over the construction of new regulations.
In May it was reported that the government was seeking expert opinion as consensus was established that banning bitcoin was an outdated decision, highlighting a shifting stance within the Indian government.
A Cryptocurrency Regulation Bill is likely to be put forward in the oncoming Monsoon Session of Parliament.
“We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation,” Ketan Surana, Director and chief financial officer, Coinsbit, told the New Indian Express.
India’s commitment to treating bitcoin as an asset class follows decisions by other countries to alter their approach. Notably, El Salvador, which made bitcoin legal tender alongside the US dollar.
Paraguay could soon follow as a member of its congress made plans to put forward a bill aimed at making the South American country more hospitable to the crypto industry.
Following a strong surge at the end of the weekend and into Monday, bitcoin is sitting above $40,000 as it awaits further announcements by policy makers and institutional investors from across the world. Its market capitalisation stands at $752.81bn.