India steps back to ban cryptocurrencies

Author: Rosemary Barnes
03.12.2021

The Indian government came to the more crypto-friendly decision while talking about the regulation of digital assets within a country.

Earlier, the government announced a will to ban “private cryptocurrencies,” but with more than 100 million crypto holders throughout the country, such a solution was definitely not welcomed in India. The Indian officials decided to move another way, regulating the sector instead of banning digital currencies.

What are the new requirements? The government wants SEBI (Securities and Exchange Board of India) to license crypto exchanges allowed to provide services within a country. As such, traders and investors are forced to transfer their assets to SEBI-licensed platforms only and then declare crypto holdings.

Other crypto exchanges, including private wallets, will be definitely banned in India. The same position concerns the opportunity of using digital currencies as a legal option. “That is a clear no. We are ready to issue CBDC currencies,” – the Reserve Bank representative commented on the situation.

India leads the ranking of crypto holders with more than 100 million citizens who’ve already invested in digital assets. As for the percentage rate of holders, more than 7% of Indians are crypto-progressive.

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