India does not want to ban cryptocurrencies, it will regulate them

The two most populous countries in the world – China and India – are also the two countries where the possibility of a total ban on cryptocurrencies is most often mentioned in the long run. While China has practically turned these speculations into reality, India seems to be moving away from this intention.

The Business Today portal brought news in connection with India’s access to digital assets. Referring to its sources, claims that the Indian government seems to prefer the path of strict regulation of cryptocurrencies to their total ban in the preparation of the forthcoming budget law.

Negotiations on the state budget are to include negotiations on the “Cryptocurrency Act”, which comes from the workshop of the Indian Ministry of Finance.

According to recent reports, India will decide to regulate cryptocurrencies as commodities, on the basis of which it will also tax their transactions and the resulting profits. According to Business Today, representatives of the Ministry of Finance and the Reserve Bank of India (RBI) are currently working intensively on “fine-tuning the conceptual framework and the necessary regulations “.

If India really decides not to ban cryptocurrencies and follow the path chosen by China, this may be positive news for cryptocurrencies, as this country offers many opportunities for the cryptocurrency. Tim Draper, an early investor in BTC, for example, considers it very important, but of course the market with more than a billion people can also have a major impact on their adoption.