Influenced by El Salvador, Indian regulators rethink cryptocurrency ban

Citing various top sources in the Indian cryptocurrency industry, New Indian Express reported that El Salvador’s historic Bitcoin inclusion policy prompted the government to reconsider Bitcoin as a domestic asset class. This was reported on the 10th (local time) by YouTube.

[SEBI, the Indian regulatory body that oversees cryptocurrency regulation]

After El Salvador’s president announced that Bitcoin would be adopted as a domestic fiat, the Indian Stock Exchange (SEBI) said it would reconsider the current cryptocurrency ban and oversee cryptocurrency regulation.

India’s top crypto industry figures are also negotiating with their country’s treasury over new regulatory restrictions, which are currently being investigated.

A new bill on cryptocurrency regulation is likely to hit Congress during the monsoon season (September-November), sources shared.

Recently, India has been plagued by bans related to cryptocurrencies.

But El Salvador legalized Bitcoin as a payment method and other Latin American countries, including Mexico, are also trying to follow suit, forcing Indian regulators to change their minds.

[Main Concerns About Cryptocurrency Still]

According to the governor of the Reserve Bank of India, Shakhtikantha Das, major concerns remain regarding cryptocurrencies.

However, the new committee, which is promoting the new cryptocurrency regulation law, is in the position of “looking into the overall scenario and taking the best action”.

Also, recently, Nandan Nylkani, chairman of Infosys, an Indian IT and consulting conglomerate, urged India to legalize cryptocurrency as an asset class and commodity rather than a fiat currency.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.