Proposed Indian Legislation to Impose Heavy Crypto Regulations

India is still trying to make up its mind about its crypto regulation. The country is currently reviewing its old legislation which mandates that all crypto-related businesses should be regulated and potentially banned.

The local government is going over the Cryptocurrency and Regulation of Official Digital Currency Bill, and are focusing on three main issues:

-whether to impose a full cryptocurrency ban

-whether to just heavily regulate the industry instead

-whether to sub-divide cryptocurrency activities into legal and illegal operations.

According to recent reports, the government intends to form a new panel (in the place of the old one) to evaluate the digital coin industry.

So far India has not fully banned cryptos, unlike Thailand. That hasn’t stopped Indian lenders however, which have become quite hostile toward the industry and are denying their services to all cryptocurrency exchanges. The central bank had to intervene and clarify that local regulators permit banks to take in crypto-using clients.

Let’s see whether they’ll decide on anything concrete because this has been going on for ages now. :woozy_face: