Kevin Helms reports in bitcoin.com that "India is no longer planning to ban cryptocurrency, a cabinet note circulated by the government reportedly indicates. Activities relating to crypto assets will be regulated by the Securities and Exchange Board of India (SEBI).
Recently there were various conflicting reports published stating that the Indian government is about to pass a crypto bill that will right out ban or restrict cryptocurrencies in the current parliament session.
Later the cabinet dropped the proposed bill and issued a cabinet note stating that the crypto will not be banned.
Highlights of the cabinet note:
Crypto will not be banned but it will be regulated.
Cryptocurrency is not recognized as a legal currency in India. It is an asset class.
Crypto exchange platforms will be regulated by the Securities and Exchange Board of India (SEBI).
A cut-off date will be prescribed for those having crypto assets to declare and bring under the crypto exchange platforms. All those found violating the exchange provisions will be penalized with a criminal imprisonment of up to one and a half years.
In addition, the regulator may levy penalties in the range of 50 million rupees to 200 million rupees ($2.67 million).
Source credit and full story - https://news.bitcoin.com/indias-cabinet-note-no-crypto-ban-government-will-regulate-crypto-assets/
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