India’s plan to ban cryptocurrencies has been scrapped: Report

The Indian government plans to regulate private cryptocurrencies instead of banning them, according to a report by local media outlet NDTV that cites a cabinet note.

This would be a big departure from the agenda of India’s much-awaited crypto bill that included imposing a blanket ban on cryptocurrencies of the likes of Bitcoin. The plan to prohibit private coins was expectedly met with strong opposition from India’s crypto community.

The Securities and Exchange Board of India (SEBI) will be responsible for regulating crypto trading platforms.

The government also has no plans to follow the example of El Salvador by making Bitcoin legal tender.

The bill uses the term “crypto assets” to refer to cryptocurrencies to highlight that they will not be allowed as a means of payment.Keep reading