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India may impose a ban on cryptocurrency payments, as well as a deadline for declaring crypto assets and KYC rules: Report


India’s cryptocurrency regulations are becoming clearer with every passing day. According to the latest reports, paying for goods and services through cryptocurrencies will be banned in India. All investors will also have to declare all their crypto holdings before the government, and failing to do so will result in severe penalties. Cryptocurrency exchanges will also come under the supervision of SEBI (Securities and Exchange Board of India). Apart from that, all investors will have to complete the mandatory KYC (know your customer) procedures. With so many new regulations ready to be imposed, the Indian cryptocurrency landscape is at a crucial juncture.

In the past, the Prime Minister of India asked cryptocurrency exchanges in the country not to aggressively market their investment offerings. Following several meetings between government officials and crypto entrepreneurs, the government decided to pass a Cryptocurrency Bill in the winter parliamentary session in December 2021. Ever since the Cryptocurrency Bill came to mainstream media, there have been many confusions and misinterpretations. Few reports suggested that the country will ban all ‘private cryptocurrencies’. Some debated that the phrase essentially means a complete ban on all cryptocurrencies. However, the Secretary to Indian Finance Ministry Subhash Garg clarified that the phrase does not imply a total ban on all cryptocurrencies.

After several rounds of debates, discussions, and confusions, the new Cryptocurrency Bill is finally on its way. The details are yet to be revealed by official sources.

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