A few days ago, a meeting was chaired by the Prime Minister of India, Narendra Modi. The meeting’s aim was to discuss cryptocurrencies’ future in India, a country where crypto trading and investments have skyrocketed in recent years. Despite this ever-growing crypto adoption and use, crypto skeptics in the country kept raising their concerns. According to skeptics, crypto’s unregulated nature makes it the perfect cover for carrying out terrorist activities and money laundering.
According to sources who knew what was said and discussed in the meeting, it’s very likely that cryptocurrencies will be banned by the Indian government, at least as a form of payment. However, it’s unlikely that the government will completely ban it. Instead, it’s more realistic that the government will allow crypto investors to hold cryptocurrencies like assets such as bonds, gold, and shares.
Presently, the Indian government is aware of the role that Indians are playing in shaping the global crypto market. In such a scenario, it would be harsh for cryptocurrencies to be banned in the country entirely. That’s why, the BJP government, led by Narendra Modi, is thinking of taking a middle path. While the government has repeatedly stressed that its move in crypto will be forward-looking and progressive, it has also pointed out the need to regulate cryptocurrencies.
A crypto bill is being finalized, and if this bill is to become an act in the future, the cryptocurrency landscape in India could change significantly. Rumor is that the responsibility of regulating cryptocurrencies in the country will be handled by the Securities and Exchange Board of India (SEBI).