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India wants to recognize bitcoin as an asset class


The Indian government has revised its hostility towards cryptocurrencies and is likely to classify Bitcoin as an asset class in the near future. This is reported by New Indian Express, citing its own sources.

After that, the Securities and Exchange Commission of India (SEBI) will control the regulation of the digital currency, the sources said.

According to them, the bill on cryptocurrencies will be submitted to parliament during the rainy season session (from June to September).

Representatives of the country’s cryptoindustry are negotiating with the Ministry of Finance on the development of new rules, a group of experts from the department is studying the issue, the sources said.

Earlier, experts from the IndiaTech.org Internet start-up association proposed to the government to recognize bitcoin and other cryptocurrencies as digital assets in their project to regulate the industry.

In May, the media reported that officials admitted this possibility.

The Reserve Bank of India (RBI) reminded financial institutions to lift the ban on cryptocurrency transactions. At the same time, the head of the regulator Shaktikanta Das said that the department remains critical of assets.

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