Indian Government 🇮🇳 Wants to Regulate Cryptocurrencies

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Indian Government 🇮🇳 Wants to Regulate Cryptocurrencies

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News coming out of the local media sources suggests that the Indian government is not opting for a blanket ban on cryptocurrencies. It rather has plans to regulate the industry. 

According to NDTV, an Indian media outlet whose reporter managed to catch hold of a cabinet note about the proposed crypto bill, the Security and Exchange Board of India will look after the crypto exchange regulation procedures. 

The note advocates the provision for a specific timeframe for investors to declare their crypto holdings and transfer them on time to SEBI-regulated exchanges. The introduction of this provision might lead to the banning of many private wallets. 

Additionally, as evident from the note, the Indian government has stalled its plans to introduce a CBDC with the central bank of the country, the Reserve Bank of India. It indicates that the government is in no way keen to allow crypto assets as legal tender. 

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