Government to give asset status to cryptocurrency, law may come soon

New Delhi:  The Indian government is planning to legalize cryptocurrency in view of its rising popularity. Prime Minister Modi met with senior officials last week to discuss cryptocurrencies. In the winter session of Parliament, which begins November 29, the central government is poised to make a decisive decision on cryptocurrencies.

According to media sources, the government will not award cryptocurrencies monetary status, but they can be classified as assets like bonds, gold, and stocks. According to the report, key decisions on cryptocurrency regulation might be made at the winter session. A roadmap is said to have been established by the Finance Ministry, the Information Broadcasting Ministry, and the Law Ministry. The government's proposed legislation will legitimise crypto trading, but virtual money will not be accepted as a form of payment or transaction.

According to the source, thorough work on the crypto legislation is now ongoing and will be finished in the next 2-3 weeks. Cryptocurrencies may be controlled by SEBI, while no final decision has been made in this respect. It is now being hashed out whose institution will govern it. The crypto legislation is also claimed to include details on taxation of earnings from cryptocurrency investments. In view of its popularity and acceptance, most government representatives have advised not to ban cryptocurrencies.

 

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